Binance CEO Changpeng Zhao has announced that the company will launch a fiat gateway for South African users, allowing them to make Rand deposits. The announcement was made on day one of the Blockchain Africa conference being held in Johannesburg this week.
CZ confirmed that South African traders would soon be able to make Rand deposits on the platform through the Binance website. This is part of an ongoing push into Africa that 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 South Africa country manager, Tanya Knowles, elaborated on the company’s plans in her own keynote speech on Wednesday. Knowles said that many South Africans currently enjoy freedom of information and movement, but lack freedom of money.
South Africans will soon be able deposit and use their Rands to interact with the entire Binance Ecosystem. Users will have access to give initial trading pairs including BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR and BUSD/ZAR.