Binance partners with CryptoConvert to introduce new crypto payment option for South Africans
Nov 25, 2023
(Mariblock) - The payment system allows Binance users to pay with crypto directly at Pick n Pay stores in South Africa, eliminating the need to fund Lightning wallets first.
Global cryptocurrency exchange Binance has partnered with CryptoConvert to offer South Africans another digital assets payment option.
The new feature enables Binance users to pay for their goods with crypto through their wallets at all Pick n Pay stores nationwide.
The details
According to Binance, the feature would require users to link their wallets to the CryptoQR application.
To utilize this feature, Binance users need to scan the QR code for payments presented by Pick n Pay’s cashier using their CryptoQR app. This action opens their Binance wallets, facilitating payment directly to the store.
Binance said that the necessity to channel payments through the CryptoQR app stems from the fact that the store’s infrastructure is not configured to accept payments directly from the Binance app.
The exchange told Mariblock that it has seen “significant” adoption of the feature since its launch. It added that while it cannot provide numbers, it is witnessing enough feature usage to indicate that its users are responsive to the development.
You can read the full article here
Africa’s Crypto Boom: Insights From Cape Town Gathering
Nov 29, 2023
(IAfrica) - Crypto Fest 2023 blasted into Cape Town, celebrating the next evolution of digital assets and locally built solutions.
International headlines may be applauding the fall of some of the first crypto superstars, but a strong attendance at Africa’s premier crypto industry meetup demonstrates that digital solutions can still make a meaningful, positive difference on the continent.
Crypto Fest 2023 invited Web3 enthusiasts to experience Cryptopia at Cape Town’s exclusive Cabo Beach Club and hundreds answered the call, a testament to the resilience of the community that is facing a harsh reality.
Hannes Wessels, General Manager of Southern and Francophone Africa at Binance – the Title Sponsor of Crypto Fest 2023 – reiterated the role of blockchain as a tool for innovation in the event’s opening keynote. He also didn’t shy away from the news circling the company and former global CEO Changpeng Zhao.
“I know as much as you do, which is what we have all read in the news,” admitted Wessels before explaining that he cannot engage on topics about the international company, only the local Binance operations.
Business as usual
It’s still business as usual in Africa and, judging by the quality of the solutions presented in the African Web 3.0 Pitchfest, business is booming. The startup pitching competition was hosted in partnership with CV VC, NODO and MZANSI WEB3 ICP.HUB SA.
You can read the full article here
DeFi could solve Africa’s foreign exchange problems, neobank CEO says
Nov 30, 2023
(Cointelegraph) - The CEO and co-founder of neobank Canza Finance claims that utilizing Baki for foreign exchange trades in Africa creates a hub for African businesses to participate in intra-African and FX trades at a reduced cost.
Forex liquidity and currency swaps are hard to access for many in Africa, which limits the use of United States dollar-based services in the continent’s import-dependent economies. This creates a vacuum that decentralized finance (DeFi) could solve, leveraging cryptocurrencies, blockchain networks and services, according to the CEO of Canza Finance, Pascal Ntsama IV.
Speaking with Cointelegraph, the CEO and co-founder of Canza Finance — a neobank enabling decentralized cross-border payments for Africans — said that Canza’s new DeFi technology, Baki, aims to address this challenge by providing decentralized foreign exchange (FX) for African currencies, enabling slippage-free swaps at central bank rates. It also seeks to create a hub for businesses to participate in intra-African and FX trades at a reduced cost.
You can read the full article here
One in 10 South Africans owns crypto
Dec 01, 2023
(Techcentral) - Nearly 10% of South Africa's population owns crypto assets, with the figure expected to explode to 43% by 2030
More than 5.8 million South Africans, or just shy of 10% of the population, own crypto assets, with the figure expected to explode to 43% by 2030.
These figures, by Singapore-based blockchain company Triple A, are contained in a new market study into South Africa’s crypto assets market compiled by the Financial Sector Conduct Authority (FSCA), which it published late on Thursday.
The country’s consumers are engaged increasingly in buying and selling crypto assets, including investing in derivative instruments with crypto as the underlying asset, especially given the proliferation of online trading platforms.
But heightened take-up and abuse in the retail market requires a proportionate regulatory response, the FSCA said. In general, governments and regulators are grappling with how to regulate the crypto asset ecosystem, given its decentralised nature and global reach.
You can read the full article here
FSCA gets 93 crypto asset service provider licence applications
Nov 20, 2023
(Moneyweb) - Licensing is about to commence, and this will help get SA off the Financial Action Task Force grey list.
The 30 November deadline for crypto asset financial service provider (FSP) licences has arrived, and the Financial Sector Conduct Authority (FSCA) says it received 93 applications by the end of October, 19 of which had been subsequently withdrawn for various reasons.
That left 74 applications to be processed. The first batch of licences go before the FSCA’s executive committee in December for decision, and licences are expected to be issued imminently for those qualifying.
Read: Crypto assets to be treated as financial products in South Africa [Oct 2022]
Katherine Gibson, deputy commissioner at the FSCA, told the media at a presentation on Thursday that the licensing regime will assist in getting SA off the Financial Action Task Force grey list.
“There are other battles [in terms of getting off the grey list], but this is an important one. If you want to participate in this market, make sure you do it with an entity that is licensed and authorised with the FSCA. If not, you run a big risk of being scammed,” said Gibson.
You can read the full article here
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