South Africa has been in turmoil. For over a decade a combination of political strife and domestic problems have been gripping the country. Now, the nation has their collective eyes set on the future. The virtual money industry is getting them on a path to a better place. They say the South African cryptocurrency scene is on the rise.
Crypto has taken root in South Africa. The local virtual currency market has taken off. This nation is ready to make some big noise throughout the cryptocurrency industry.
Checking Out the Cryptocurrency Scene in South Africa
Big time players in the industry have noticed and are taking action in the country. They are gearing up to offer crypto services throughout the country. International cryptocurrency exchanges, large asset management firms and more are looking to get a foothold in the largest country in Africa.
While this multi-ethnic nation is not exactly at the forefront of leading-edge technology, they are well aware of the tech advances happening globally. Taking a look at Google Trends, South Africa has the highest “search interest” for the term Bitcoin.
Interest in the digital space is increasing in the country especially within the past month or so when cryptocurrency coin prices went into a major tailspin. It is not just the “elite” or a small group of savvy “tech types” that are giving crypto its due, the interest has gone mainstream.
They view the drop in price through an optimistic lens. Multiple established companies and start-ups are looking toward cryptocurrency and related technologies to determine how it might best serve them.
Crypto Industry Actions
With the swiftly expanding cryptocurrency industry in the country, locally based companies are not the only ones looking to ride the wave. Top international organizations are taking a look to see if South Africa is a viable destination for their global projects.
Part of the reason for major players taking a look at the country is because of the growing demand by South Africans for crypto coins. They are well aware of the coins and they want to buy them. The upward trending demand for coins is actually increasing all across the continent’s digital scene.
Luno, who bill themselves as “The World’s Most Trusted, Secure and Reliable Bitcoin Exchange”, operates in South Africa. Going through a FICA (Financial Intelligence Centre Act) process, South Africans can buy Bitcoin (BTC) and Ethereum (ETH). FICA is an identification verification process intended to battle financial crimes. Luno is in operation in 40 countries.
Soon, other exchanges will be serving crypto investors in South Africa. Founded by asset management company Syngia CEO Magda Wierzycka, SygniaCoin is a newly developed cryptocurrency exchange platform. It is set to launch sometime in the third quarter of this year.
As soon as SygniaCoin launches, South African locals will have the option to make purchases with Rand. Rand is the currency of South Africa. The exchange is modeling their operation on the rules and regulations of exchanges operating in New York.
Blockchain Startups South Africa
In addition to cryptocurrency exchanges, blockchain tech companies are also showing interest in the country. Local outfits Status and Loom Network are blockchain start-ups with global appeal. They are poised to help get South Africa on the cutting-edge of the cryptocurrency space.
More projects of international scope are happening in the nation. Blockchain incubator company TariLabs has connections to the country. The “lead maintainer” of Monero, Riccardo Spagni, has joined forces with Ticketfly founder Dan Teree and Naveen Jain from the US to launch a start-up in Johannesburg.
Goodbye Turmoil, Hello to a Brighter Future
With Blockchain tech start-ups happening, along with new cryptocurrency exchanges wanting to open, and local crypto entrepreneurs are looking for entry points because of affordably low coin prices all adds up to cryptocurrency excitement throughout South Africa. This industry is already on the move and is set to expand in a big way. Hopes are high that the growing cryptocurrency industry in South Africa will move the nation past the political turmoil that has been holding them back for decades.