Crypto in Africa: Launch of rand to BTC trading and fraud alerts hits SA

Crypto in Africa: New South Africa trading platform, Veritaseum pushes on

Getting your Trinity Audio player ready...

The African crypto space is still strong despite the bear market. Entrepreneurs see the continent as great investment grounds for their investments.

VALR Partners up with Bittrex to Form New Platform

VALR has partnered up with Bittrex, one of the biggest exchanges in the world, to form a new online platform that will give traders access to over 50 different cryptocurrencies. The newly created partnership will help investors in South Africa to access a large selection of cryptocurrencies.

Reportedly, VALR’s new platform will allow customers to effortlessly and instantly trade between bitcoin or ether and over 50 cryptocurrencies. The new platform will adopt different technologies like Artificial Intelligence (AI). It will also have machine learning to speed up the know-your-customer process and securely to validate the identity of their users within the shortest time possible. In the near future, rand-to-crypto trading, as well as more advanced crypto-to-crypto trading options, will be enabled on the platform

While commentating on the newly formed partnership, Farzam Ehsani, the CEO of VARL said that:

“Our partnership with Bittrex is one of a kind in South Africa and gives us access to international liquidity, globally competitive prices, and leading security practices.”

Users stand to earn many benefits from the platform. In addition to accessing many cryptocurrencies, they will receive discounts through a referral programme.

To get on the platform, users will be required to invite a certain number of people first. They will, however, get bonuses for their efforts with people expected to earn as much as R1500. Ehsani also added that the referral programme would allow people who accept the invitation to receive a bonus of up to 10% discount on fees.

Bittrex stated that this new partnership would help the adoption of digital assets in African and other continents. Bill Shihar, the CEO of Bittrex stated:

“This platform, powered by Bittrex technology, will provide South African customers with a reliable, fast and secure trading option that will also give them access to some of the world’s most innovative blockchain project.”

He added that Bittrex would continue to form such partnerships to support the blockchain industry and help grow innovative projects.

Veritaseum continues with operations in Africa despite the bear market

Veritaseum, a New York-based cryptocurrency firm has continued with their expansion into the African economic system. The company has already set up shop in Lagos, Nigeria, and Uganda.

While speaking at the ASEA conference in Lagos, Reggie Middleton the CEO of Veritaseum said:

 “This is very fertile ground for economic growth. This trip, I am bringing gold back to the motherland, back to Africa. This gold will back digital VeGold tokens, which is going to be used as a staple store of value in Nigeria. This will be very useful.”

Middleton brought attention to his company’s asset-backed VeGold token in Nigeria. He further added that using blockchain and smart contracts will distribute wealth across the land that most of it came from in the first place.

Middleton claims that the company is a peer-to-peer that reimaging capital markets away from the traditional model. He adds that the company allows every individual to be their own financial entity, and trade value peer-to-peer directly over the counter.

The company is continuing with their operations, despite the ongoing bear markets that have forced many companies to close shop or halt their operations until things turn around. Last month, Reggie Middleton, confirmed that he was in talks with a Ugandan residen, who would oversee the taking of Ugandan Shilling deposits.

The bear market has affected business across the globe. Recently, Bitmain was forced to close its Israel development arm. The company cited that the bear market has forced them to lay of the Israeli arm and other arms as well.

Last month Streemit layed off 70 percent of its workers, claiming it could no longer manage to keep the employees due to the bear market. Most companies hope things turn around soon before more damage is done to their business. Experts predict things are likely to change early next year.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.