Africa Crypto Week in review: Binance might re-enter the Nigeria market as a crypto retailer in South Africa, processing millions in crypto Africa transactions.
Binance has set its conditions for returning to the Nigerian market months after exiting. At the same time, South Africa continues to be a leader in crypto payments on the continent, looking at retail data. These and other stories form part of the African crypto Newsweek.
Binance Set Conditions to Re-Enter Nigeria
Binance seeks to re-enter the Nigerian market months after a public exit in March. However, Binance insists that the Nigerian Securities and Exchange Commission must release its executive, Tigran Gambaryan, and resolve legal disputes with the agency before re-entering.
Nigeria has moderated its stance on crypto service providers and enacted a legal framework for them to operate.
These moves seem to have re-ignited crypto investors’ interest after the crackdowns earlier in the year. Nigeria is the continent’s most populated nation and remains an important crypto market.
South African Retailer Crosses 1 Million Rand in Crypto Payments
South African retail firm Pick n Pay saw its crypto payments exceed 1 million rand. Crypto exchange Luno’s findings showed that Bitcoin was the most frequent payment option for users.
Crypto payments in South Africa and across the continent keep growing, but integrating digital currencies into the broader economy remains a challenge.
Usage in everyday transactions is a significant contributor to this effort for more widespread use.
Tether Invests in Sorted Wallet
Stablecoin issuer Tether Investments Limited has invested in Sorted Wallet, a firm that seeks to boost financial inclusion in Africa and Asia.
Tether made the $1.5 million investment driven by Sorted Wallet’s vision to provide easier access to crypto users in emerging markets.
One of the best things to come out of currency digitization and decentralization is easier global access.
Sorted aims to reach the unbanked and underbanked who have not gotten the perks of fiat currencies. Tether’s investment in this company affirms the untapped potential of the African and Asian crypto markets.
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VALR Lists FDUSD, Integrates Stablecoin Into VALR Pay
VALR, one of Africa’s largest crypto exchanges, will list FDUSD stablecoin on September 23.
FDUSD is among the largest stablecoins, mostly domiciled on Binance, but listed on Ethereum, BNB Chain, and the Sui Network. Once it is listed, the stablecoin will be paired with Bitcoin, ZAR, and the USDT.
The listing will be in partnership with First Digital and will look to drive the adoption of FDUSD across the continent and the world.
The stablecoin will also be integrated with VALR Pay as part of the deal.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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