Exclusive wallet for Rand
Crypto.com, the fastest growing cryptocurrency exchange globally, will launch a rand-specific wallet to serve South African customers.
This means that non-rand Fiat wallets will be disabled for users.
Crypto.com sent detailed notices to its customers over the weekend about the change. Accordingly, in order to continue using Crypto.com, customers in South Africa must accept updated terms and conditions with Foris DAX, the Crypto.com's operating company based in Singapore.
"Rest assured that your money will remain safe and that you will be accessible during this transition," Crypto.com shared.
https://t.co/JRRzwcIgfU expands to South Africa with rand wallet https://t.co/GEpDTeItEh
— MyBroadband (@mybroadband) June 20, 2022
Terms of change
After accepting the new terms, Crypto.com will make the following changes:
- Non-rand fiat wallets will be disabled.
- Any non-rand fiat balances left after July 10, 2022, will be converted into USDC stablecoins.
- Other products and services for South Africans in Crypto. Com will not be affected.
Crypto.com claims that this change is simply in compliance with local laws to provide certain products and services in South Africa. The aim is to help Crypto.com expand its presence in Africa, a region that is being exploited by many other competitors.
"We work with government officials, regulators and expert advisors to ensure the products and services we offer in any market are compliant and in line with local requirements," the exchange said in a statement.
Meanwhile, in Africa, FTX Exchange partnered with AZA Finance to expand the blockchain space, and Binance became the official sponsor of the Africa Cup of Nations. Near Foundation establishes a new blockchain hub in Kenya.
What is Crypto.com?
Crypto.com is a cryptocurrency exchange based in Singapore. 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 the domain owned by cryptographer and professor Matt Blaze, the company was renamed Crypto.com in 2018.
Foris DAX Asia, a subsidiary of Singapore-based Foris DAX MT (Malta) Limited, operates Crypto.com. Crypto.com has notable sponsorship deals with Formula One, Serie A, ufc, Paris Saint-Germain football club, Philadelphia 76ers, Montreal Canadaiens and Water.org.
Water.org's collaboration includes the signing of its co-founder, actor Matt Damon, as Crypto.com's brand ambassador.
Crypto.com's vision is to accelerate the world's transition to cryptocurrencies by putting cryptocurrencies into every wallet.
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