Local crypto-currency exchange AltCoinTrader is targeting forked coins as competition in the market heats up.
The South African crypto space is dominated by the likes of Naspers-backed Luno, AltCoinTrader and US-based Paxful, among others.
Earlier this month, South African-based crypto-currency platform VALR.com also began worldwide trading.
Coin forks are typically conducted in order to add new features to a blockchain, to reverse the effects of hacking or catastrophic bugs. Forks require consensus to be resolved, or else a permanent split emerges.
Examples include Bitcoin Cash, Bitcoin Gold and Bitcoin SV. There have been concerns in the local market that by not supporting Bitcoin forks, some exchanges were ripping off their customers.
AltCoinTrader was founded in 2015 by Richard De Sousa, who says he had a vision to bring Bitcoin and other crypto-currencies to the South African community.
The company claims it is one of the only exchanges that provides its community with forked coins.
The main vision of the exchange, according to De Sousa, is to provide easy accessible crypto services to communities that struggle with traditional banking systems.
De Sousa notes the demand for altcoins in the country is rapidly growing, and often local exchanges with fiat on-ramps are used as a gateway to international exchanges to facilitate top-performing crypto acquisitions.
AltCoinTrader says it has identified a niche space and has listed the top 20 CoinMarketCap coins on its platform.
"Despite the massive bear market, South Africans still have a healthy appetite for a variety of diversified portfolios. We are witnessing opportunities among unbanked people who are finding crypto to be advantageous over the current banking system, as well as people who want to hedge on crypto against the current weakening system," he says.
Last month, AltCoinTrader began to accept card payments for crypto purchases. According to De Sousa, up until recently, Visa and MasterCard had a negative crypto stance, banning crypto purchases and then reclassifying the way Bitcoin and other crypto-currency purchases are processed on their networks.
As a result, he says, a few international exchanges have since been accepting credit and debit card crypto purchases.
"As the crypto-currency market evolves and matures, it is imperative to accommodate users in various ways, as more people are entering the market.
"Over the last few years, crypto exchanges that allow traders direct trading facilities such as credit card usage have grown in popularity. The main reason why credit card acceptability in exchanges is important is the fast and streamlined trading process."
De Sousa also notes plans are afoot to expand AltCoinTrader beyond South African boarders.
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