Crypto.com Launches Wallet Dedicated to South Africa Market

Crypto.com wants to adopt the rand wallet product to fully meet the legal requirements in South Africa during its development in this country.

By
Nick S.
on
June 22, 2022
Category:
DeFi

Exclusive Wallet for Rand

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

After accepting the new terms, Crypto.com 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

Crypto.com claims the change is simply about complying with local laws to provide certain products and services in South Africa. The goal is to help Crypto.com 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 Crypto.com:

Crypto.com 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 Crypto.com 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 Crypto.com. Crypto.com has notable sponsorship agreements with Formula One, Serie A, the UFC, Paris Saint-Germain Football Club, the Philadelphia 76ers, the Montreal Canadiens, and Water.org.

Water.org's collaboration included signing its co-founder, actor Matt Damon, as Crypto.com's brand ambassador. The vision of Crypto.com is to accelerate the world's transition to cryptocurrency by putting cryptocurrency in every wallet.

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Nick S.

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

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