Binance Will Roll Out Fiat Support In South Africa And Donate $1M

The blockchain latest news today show that the CEO of one of the biggest exchanges out there, Binance, has announced that the company will launch a new fiat gateway for South African users, allowing them to make Rand deposits. As it stands, Binance will roll out fiat support in South Africa but also donate $1 million for blockchain education.

The announcement was made on the day one of the Blockchain Africa conference which was held in Johannesburg this week. During the conference, CZ showed up and confirmed that South African traders would soon be able to make Rand deposits on the platform through the official Binance website. This is part of an ongoing push into Africa which started in Uganda in 2018:

“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.”

Binance will roll out the new fiat gateway in 35 African countries and CZ said that South Africa was one of the bigger countries that the company had planned to service:

“Looking at South African specifically, crypto adoption continues to rise with SA being one of the top five countries in terms of cryptocurrency ownership. Today I’m excited to announce that Binance is launching a South African fiat-to-crypto gateway soon. This will enable South Africans to buy cryptocurrencies with their local bank accounts.”

The country manager at Binance South Africa, Tanya Knowles, elaborated on the company and its plans during her keynote speech on Wednesday. As she said, many South Africans currently enjoy freedom of information and movement but lack freedom of money. This is why Binance will roll out the new feature and how it is going to change things ahead.

Currently, the Binance news show that it is the world’s largest cryptocurrency exchange by trade volume, supporting trading in 180 countries and handling over 1.4 millions of transactions per second. The value of the global transactions is around $4,000,000 billion, as data from Coin360.