Be Mobile Africa, a neobank, has recently announced the launch of a new cryptocurrency trading platform in South Africa. The platform will enable individuals to buy and trade popular cryptocurrencies such as Bitcoin, Ethereum, Solana, and USD stablecoins like USDC using South African rands (ZAR). This move is expected to shake up the cryptocurrency market in the country and provide users with an easier and simpler way to access and trade cryptocurrencies.
Significant Growth Despite Challenges
Despite the challenges faced by the tech industry and the cryptocurrency market in 2022, Be Mobile Africa claims to have experienced significant growth in user registration since launching in South Africa last year. The neobank aims to enable its users to buy, sell, and hold cryptocurrencies easily and securely. Many African currencies are losing value against the US Dollar, and accessing USD stablecoins and other cryptocurrencies is a way to preserve wealth for many, according to Dr. Cédric Jeannot, CEO of Be Mobile Africa.
Bringing the Fight to Incumbent Platforms
Be Mobile Africa has added that their cryptocurrency trading platform will be competing with incumbent crypto trading platforms in the country, such as Luno, VALR, and Kraken. With an estimated four million people holding cryptocurrencies in South Africa, the Canadian-born neobank is positioning itself to bring the fight to these industry giants.
Simpler Way to Access and Trade Cryptocurrencies
Be Mobile Africa aims to provide users with a new and simpler way to access and trade cryptocurrencies, which they hope will help to increase adoption and awareness of the technology. By offering a more user-friendly experience, they hope to remove some of the barriers to entry for those who may be intimidated by the complexity of traditional cryptocurrency exchanges.
The launch of Be Mobile Africa’s cryptocurrency trading platform in South Africa is a significant step forward for the country’s cryptocurrency market. With the ability to buy and trade popular cryptocurrencies using ZAR, individuals now have an easier and simpler way to access and trade these digital assets. As competition heats up between Be Mobile Africa and incumbent trading platforms, it will be interesting to see how this new player shakes up the market and impacts the future of cryptocurrency adoption in South Africa.