Bitcoin traders in Africa can now trade South African rand and American dollars on SAFCOIN, the cryptocurrency exchange, without paying any transaction fees.
?The cryptocurrency market has been on a positive trajectory globally,Neil Ferreira, CEO of SAFCOIN, told IOL. ?It exciting to see the increased adoption of blockchain and cryptocurrencies in Africa. Were proud to be able to support this growth with current and future projects that were developing on the SAFCOIN blockchain.
In a refrain that has become common among cryptocurrency companies, including the Facebook-led Libra project, SAFCOIN claims that its mission is to make it easier to make cross-border payments between African countries.
The news comes at an exiting time for cryptocurrency and blockchain ventures. While blockchain and cryptocurrency companies collectively raised over $14.2bn in global investment across 641 transactions between 2015 and 2019, the willingness to invest seems to have slowed down slightly, according to FinTech Global’s data.
Investment in the global sector jumped from $793.7m in 2015 to $7.62bn in 2018 to then shrink to $3.11bn in 2019. The slowdown occurred at the same period when major cryptocurrencies traded way below their historical peaks.