South Africa could see a new cryptocurrency trading app soon
South Africa could soon see a new cryptocurrency app to be launched by the deVere Group, amid “soaring global demand” and in defiance of financial traditionalists. The company, renowned as a hotel firm, is expected to make its second major fintech investment with the app being available “in a matter of weeks”.
The deVere Group, which also acts as an independent international financial consultancy with a base in Durban, is expected to ride the cryptocurrency wave with an app that will allow users to store, transfer and exchange five major cryptocurrencies, including bitcoin and ethereum.
When the app is released, it will compete against other apps and services already being used by South Africans. One of the most popular includes Luno, which allows for locals to trade in bitcoin and ethereum. The Luno app is also used to make purchases using the cryptocurrencies through QR code payments, most recently during a trial held by retailer, Pick n Pay, where customers were able to use bitcoin to pay for items.
Another popular international platform used by South Africans is Bitfinex, which since 2014 has become the world’s biggest trading platform for bitcoin.
|SA could see a new cryptocurrency trading app soon
South Africa could soon see a new cryptocurrency app to be launched by the deVere Group, amid “soaring global demand” and in defiance of financial traditionalists.