Binance CEO has indicated plans to introduce support for South African Rand in its platform. Changpeng Zhao said it will be possible to deposit Rands once the platform implements this plan. He highlighted that this would make the platform easily accessible to South Africans and help the company expand in the region.
Binance has been pushing hard on the African market and has invested significantly in blockchain education in the region. The CEO also highlighted the potential of the African market for the cryptocurrency trading giants. The move comes two years after Binance started operating in Uganda in 2018.
Binance opportunity in the African market
The CEO noted the World Bank data which stated that 66 percent of Africans were unbanked. He said that he saw potential in tapping to this market because bitcoin provided an opportunity for these people to keep their money safe. He said the potential was in the unbanked people to have an alternative to deposit their money in cryptocurrency platforms.
The CEO expressed his excitement for this new company approach to the market by highlighting that the introduction of the South African rand would make it easier for South African rand to interact with the platform.
It will now be possible to deposit Rand in the platform and use the currency to trade different cryptocurrencies. Some of these currencies will include Bitcoin, Binance coin, Etherium, and Tether. These cryptocurrencies will be paired with the Rand and available for trading in the platform.
Binance also announced that it was investing over a million dollars in blockchain education in the country. The plan was to support the growth of blockchain technology in the country.
Binance is the largest cryptocurrency exchange platform in the world. It currently serves more than 180 countries with estimated transactions worth more than $4 billion per day. The move to heavily invest in the African market is seen as positive, which will help the region and the company to grow.
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