Launches Wallet Dedicated to South Africa Market wants to adopt the rand wallet product to fully meet the legal requirements in South Africa during its development in this country.

Nick S.
June 22, 2022

Exclusive Wallet for Rand, the fastest-growing crypto exchange globally, will launch a wallet dedicated to the rand to serve South African customers. 

The latest update comes from a source from, according to MyBroadband, the biggest technology news website in South Africa. This means that non-rand fiat wallets will be disabled for users. 

According to, the exchange sent detailed notices to its South African customers over the weekend about the change. Accordingly, to continue using, customers in South Africa must accept the updated terms and conditions with Foris DAX, the operating company of based in Singapore.

After accepting the new terms, will make the following changes:

  • Non-rand fiat wallets will be disabled.
  • Any non-rand fiat balance remaining after July 10, 2022, will be converted to USDC stablecoin.
  • Other products and services are available to South Africans in Crypto.‌com will not be affected.
Source claims the change is simply about complying with local laws to provide certain products and services in South Africa. The goal is to help expand its presence in Africa, an area that is exploited by many other competitors.

These include events such as FTX Exchange partnering with AZA Finance to expand blockchain space and Web3 in Africa, Binance becoming the official sponsor of the Africa Cup of Nations, and Near Foundation establishing a new blockchain center in Kenya.

What is is a Singapore-based cryptocurrency exchange. Currently, their app has 10 million users and 4,000 employees. Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo founded the company "Monaco" in 2016.  After purchasing a domain owned by cryptography researcher and professor Matt Blaze, the company was renamed in 2018. The domain was valued at between $5 and $10 million by domain sellers.

Foris DAX Asia, a Singapore-based subsidiary of Foris DAX MT (Malta) Limited, operates has notable sponsorship agreements with Formula One, Serie A, the UFC, Paris Saint-Germain Football Club, the Philadelphia 76ers, the Montreal Canadiens, and's collaboration included signing its co-founder, actor Matt Damon, as's brand ambassador. The vision of is to accelerate the world's transition to cryptocurrency by putting cryptocurrency in every wallet.

Find more about here:

Website | Twitter | Discord | Blog |

Follow us on Twitter and Instagram!

Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!

Nick S.

Nick is a cryptocurrency researcher, especially interested in the Ethereum and BNB ecosystem. My portfolio is mostly BTC, ETH and BNB.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.