Business 11 April 2019Dennis Wafula
Crypto in Africa: new point of sale payments and fiat conversions
The crypto market in Africa keeps innovating and introducing new things to the market. Reports show that more Africans have become open to the idea of digital currencies. To facilitate crypto growth, entrepreneurs are adding new and attractive features. They are also looking for ways to make transactions easier for consumers.
DoshEx and Pundi X partner for PoS crypto payments
DoshEx, a South Africa crypto asset exchange and global blockchain-based payment provider Pundi X, announced a strategic partnership to bring cryptocurrency to high street retailers and local consumers.
According to reports, the partnership wants to provide point of sale (PoS) cryptocurrency payments. DoshEx plans to roll out the Pundi X blockchain-based point-of-sale devices, XPOS and XPASS cards for cryptocurrency transactions at selected sites across South Africa.
Reportedly, the blockchain-driven PoS technology allows merchants to digitize their payment infrastructure on the blockchain. It also will enable consumers to transact in cryptocurrency in a fast, efficient and convenient manner.
DoshEX offers a cryptocurrency wallet to facilitate payments for these cards. The company expects XPASS to gain quick acceptance since it is similar to existing credit-card. To make a crypto transaction, users have to tap XPASS on an XPOS device.
Cryptocurrency transactions within the Pundi X payment ecosystem is a hassle-free method that promotes financial inclusion as XPASS-holders will have their history of the transactions on XPASS card and the associated XWallet app without the necessity of having a bank account.
While commentating on the matter, Zac Cheah the CEO and co-founder of Pundi X Labs said:
“XPOS is the easy, affordable access point into crypto for mainstream retailers and consumers. Many big businesses already access the crypto benefits of trusted record-keeping transactions. Now, an XPASS card loaded with cryptocurrency enables ordinary people to embrace the crypto-future, including millions of unbanked South Africans. Our partnership with DoshEx enables us to tap into the early-adopter market at pace as this Bryanston-based innovator has proven track record as a digital exchange and developer of blockchain-based solutions for leading corporate, including the South African arm of Virgin Money.”
DoshEX CEO Alex de Bruyn added:
“The ability to readily transact in crypto is an important step in digital currency development. Soon it will be the norm for the public to buy, hold and sell crypto. Borderless transactions and transfers will easy, without the high cost traditionally associated with these activities.”
There are 5000 cards available for the first wave with the companies expected to announce details of their deployment to different geographic areas.
Coindirect now supporting Fiat to Dai transactions
Coindirect, a leading cryptocurrency exchange in Africa, announced that it has begun supporting MakerDao’s Dai stable coin.
According to the announcement, the exchange will now offer direct transactions from national fiat currency to Dai and Dai-to-fiat. So far, many exchanges have been offering Ethereum to Dai transactions. This is the first exchange to offer direct transactions from national fiat currency to Dai and Dai to fiat.
While speaking on the new addition, Rune Christensen, CEO, and co-founder of MakerDAO said:
“Maker believes the blockchain has the power to create an inclusive platform for economic empowerment. By working with Coindirect, we will help people purchase and trade cryptocurrencies with their local currency is one step closer to providing people around the world with equal access to the global financial marketplace.”
Last month, Coindirect added Dash to its platform.
Earlier this year, MakerDao and Concentric helped Coindirect rise over I million Euros in its seed round. Following the funding round, Coindirect launched a Euro wallet that offers payments in crypto-euro for users living in Belgium, Austria, Estonia, Cyprus, Germany, Spain, Italy, Lithuania Finland, France, Greece, Ireland, Luxembourg, Latvia, Malta, and the Netherlands.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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