Africa has been identified as the next frontier for digital currencies. Adoption in the continent is rising by the day as more people recognize the great opportunities that digital currencies open up. In South Africa, the people have especially taken to Bitcoin SV and now, one of the country’s largest digital currency exchange is set to list BSV in the coming month.
iCE3 is one of the pioneer exchanges in Africa and has continued to set the standard with its products, including instant free rand deposits. The exchange will once again be a pacesetter, introducing its users to the only blockchain that adheres to the original Satoshi protocol and design.
The listing stems from the surge in demand for Bitcoin SV, iCE3 founder Gareth Grobler told CoinGeek. In South Africa, BSV has especially been embraced by the locals, making the listing a no-brainer. This is partly due to the efforts of Lorien Gamaroff and his team at Centbee, Grobler believes. Centbee is focused on making the onboarding of new users to BSV as simple and seamless as possible, attracting even those who shrugged off the digital currency at first. The company has partnered with local supermarkets, allowing users to buy Bitcoin as they shop for their groceries.
And while some global exchanges have seen reduced volumes as the coronavirus continues to spread, iCE3 has not felt the damage. On the contrary, the lockdown in South Africa has driven more people online, and the exchange has benefitted from this, Grobler told us. What’s more, the South African rand has lost 30% of its value in the past few weeks. This has led many to seek ways to hedge their money, and digital currencies have emerged as one of the most favored options.
As with many other firms, iCE3 has had to equip its staff to work from home, especially since South Africa is in a lockdown. Luckily for the exchange, some of its staff members are based in Belarus which is not under lockdown, helping keep things running smoothly.
iCE3 has also been playing its part in helping South Africa fight the coronavirus. The country has been the most affected in Africa, leading the way with over 1,700 cases. The exchange is mobilizing resources and directing them to making toilet paper available to the less fortunate. iCE3 has been working with the local government in the town of Matsolana and a local toilet paper manufacturer on the project.
And while Africa may be behind the Western world in adoption, this is where digital currencies are making the most impact. Grobler remarked, “Times like these highlight why we need an independent internet currency. Due to the lack of infrastructure and the contraction of our economy, we have not only lost business, economic activity and jobs, but our currency value has also plummeted and we stand a very good chance of hyperinflation becoming the standard. Currency is a social construct but in our experience, the net effect is that it is a measure by which infrastructure and political will is measured. The actions of the few will have a widespread impact on the many.”
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