Neobank Be Mobile Africa has announced the launch of a crypto trading platform which will allow enable individuals in South Africa to buy and trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL) as well as USD stablecoins such as USDC using South African rands (ZAR).
Despite the challenges faced by the tech industry and the crypto market in 2022, Be Mobile Africa, which launched in South Africa last year claims to have experienced significant growth in user registration.
According to Dr. Cédric Jeannot, CEO of Be Mobile Africa, “Enabling our users to buy, sell and hold cryptocurrencies easily and securely is a natural evolution for us. Many local African currencies are losing value against the US Dollar, and accessing USD stablecoins and other cryptocurrencies is a way to preserve wealth for many.”
Be Mobile Africa also added that the cryptocurrency trading platform is bringing the fight to incumbent crypto trading platform operators in the country and also providing users with a new and simpler way to access and trade cryptocurrencies.
In South Africa, where an estimated four million people hold cryptocurrencies according to recent data, the Canadian-born neobank will be competing with the likes of Luno, VALR, Kraken, among others.