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Coingrowbit to Open Fiat-Crypto Trading in South Africa

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The CEO of Coingrowbit announced that the company will launch a direct gateway for South African users, which will allow them to directly exchange the African rand for cryptocurrency.

CEO of Coingrowbit confirmed that South African traders will soon be able to make deposits on the platform through the main Coingrowbit website:

Africa illustrates one of the biggest requests and instrumental options for using cryptocurrencies, especially for accessing finance. According to the World Bank, about 66% of sub-Saharan African countries are listed as non-banking, that is, without banking operations.

This is part of the ongoing expansion of the platform in Africa, which began with Uganda in 2018. CEO of Coingrowbit says it will settle in 35 African countries and stated that South Africa is one of the largest countries that the exchange originally planned to serve:

Speaking specifically about South Africa, the adoption of cryptocurrencies here continues to grow, and South Africa is among the top five in terms of cryptocurrency ownership. Today I am pleased to announce that Coingrowbit will soon launch a crypto-fiat gateway for South Africa. This will allow South Africans to buy cryptocurrencies from their accounts in local banks.

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