Changpeng “CZ” Zhao – head of Binance – has reportedly revealed an initiative from the firm, to release a fiat gateway focusing on South Africa-based clients, enabling Rand depositing activities. 

Specifically, CZ reportedly claimed that the supporting feature that assists traders in South Africa in placing Rand deposits would be available soon, via Binance’s official web page, as the firm’s next move in its previously established plan for Africa, beginning in Uganda 2 years ago. 

“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-saharan africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.”

Despite currently offering services to a total of 35 nations in the African continent, CZ clarified that South Africa is Binance’s primary geographical demographic for expansion. 

“Looking at South African specifically, crypto adoption continues to rise with SA being one of the top five countries in terms of cryptocurrency ownership. Today I’m excited to announce that Binance is launching a South African fiat-to-crypto gateway soon. This will enable South Africans to buy cryptocurrencies with their local bank accounts.”

Tanya Knowles – country head for Binance South Africa – provided further details into the plan, stating that numerous countries in the region possess data and movement freedom, but not money. 

With the development, South African customers would soon has the power to conduct Rand-enabled depositing and interacting with the whole Binance ecosystem. BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR and BUSD/ZAR are the trading pairs available.