Local neobank Be Mobile Africa has introduced a crypto-currency exchange platform that enables South Africans to buy and trade crypto-currencies, such as Bitcoin, Ethereum and Solana, as well as USD stable coins, such as USDC.
The in-app service is live and available to all local users via the Be Mobile Africa mobile app, which is freely available from the App Store and iOS store. Users are able to convert rands to crypto, and vice versa.
Be Mobile Africa entered the South African market in September, and just as other digital-only banks, it is looking to disrupt the country’s banking sector using the latest technology.
The platform has leveraged blockchain technology to facilitate low-cost, rapid and transparent peer-to-peer transactions.
Despite the challenges faced by the tech industry and the crypto market in 2022, the neobank says it believes the market is on a recovery journey, and it is charting forward to bring digital currencies to everyone in Africa.
The exchange allows users to purchase, retain and trade crypto-currencies.
Dr Cédric Jeannot, CEO of Be Mobile Africa, says the bank is committed to providing its users with the highest level of security and has implemented strict security measures to ensure the safety of its users' assets.
“Enabling our users to buy, sell and hold crypto-currencies easily and securely is a natural evolution for us. Many local African currencies are losing value against the US dollar, and accessing USD stable coins and other crypto-currencies is a way to preserve wealth for many," notes Dr Jeannot.
Be Mobile Africa's crypto-currency trading platform is set to take on rival exchanges, such as Luno, Binance, Easy Crypto and VALR.
In December, the neobank introduced a crypto-currency payments gateway to allow businesses and merchants in SA and the rest of the continent to accept and make payments with Bitcoin and other crypto-currencies.
The company says it plans to add additional crypto-currencies in the near future.
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