In this week’s news roundup, you’ll read about Binance launching a fiat gateway for the South African Rand via instant ZAR deposits, a call for African startups in the Web3 sector to apply to Pitch Live that will happen next month in Ghana, Bitcoin Events’ announcement on the comeback of Crypto Fest, and more.
Binance Enables Instant Deposits For The South African Rand (ZAR)
Binance has launched a fiat gateway for the South African Rand (ZAR) as it looks to expand its product offerings and strengthen its local presence in South Africa.
This move will allow South African users to make fast and secure deposits via Instant EFT as the crypto exchange remains committed to increasing the adoption and mainstream accessibility of digital currencies.
“Our goal at Binance has always been to drive crypto adoption and promote financial accessibility. We are thrilled to be taking this next step in making access to digital assets more effortless for South Africans.” said Hannes Wessels, Country Lead for Binance in South Africa.
Users will be able to instantly deposit South African Rand into their Binance wallet and purchase crypto. In addition, users will also be able to convert ZAR into BTC, BNB, BUSD, ETH, and USDT.
Call For African Web3 and Fintech Ventures to Pitch Live At The Africa Money & DeFi Summit West Africa Edition
Applications are now open for African Web3, DeFi, and fintech startups to pitch live at the upcoming Africa Money & DeFi Summit West Africa edition that will take place between September 27th & 28th in Accra, Ghana.
The move follows the sold-out Money and DeFi Summit that was held in Nairobi, Kenya early this year. The Summit, produced by Africa Tech Summit; the leading tech event series, will again invite startups to join two days of sessions and networking events that will share insights on BNPL, crypto, DeFi, digital identity, investing, neo banking, mobile money, payments and more.
10 African startups from across Africa in the Web3, decentralized finance and fintech space will be selected by the Africa Money & DeFi summit team and given a chance to present their ventures and ask leading corporates and investors live on stage.
Andrew Fassnidge, Founder of Africa Money & DeFi Summit shared “We are excited to host African ventures to Pitch Live on stage at Africa Money & DeFi Summit again. While we continue to welcome applications from companies in fintech and embedded finance we are also really looking forward to seeing ventures innovating in the new wave of DeFi and Web3.0.”
Selected start-ups will be showcased to various investors, enjoy full access to the Summit and take part in the wide variety of workshops, discussions, and networking sessions that will take place. Any startups looking to take part in the Summit or have at least one African co-founder or have their headquarters in, have at least a MVP ideally with existing traction and have a current “ask”. Ventures must also be able to attend the Summit in Accra, Ghana in person on the stated dates. Applications are open until September 1, 2022, and can be made by visiting this link.
Cape Town Set to Host Crypto Fest
Bitcoin Events has announced the return of the fourth edition of Crypto Fest 2022, which will take place in Cape Town, South Africa on September 30, 2022.
The event is meant to help seasoned investors, novel bag-holders, and no-coiners alike harness the opportunities in African crypto under the theme of “Don’t Look Up.” This year’s Crypto Fest is expected to be a one-of-a-kind event that will cater to crypto crusaders and deniers alike, with attendance from various developers, entrepreneurs, enthusiasts, investors and traders who will engage in hard-hitting conversations that will spark critical debates into the opportunities that crypto, decentralized finance (DeFi), non-fungible tokens (NFTs), the metaverse and Web 3.0 have om the worlds of art, entertainment, finance, gaming, governance, investment, marketing, music, sport and more.
“Change is inevitable, and the world is – slowly but surely – realising the impact that crypto and crypto-related technologies are having on the future of industry. Yes, the world of crypto has had its fair share of ups and downs, but the proof of concept is there; it’s only a matter of time before the sector bounces back. Now’s the time to look up and explore where opportunities lie. Now is the time to learn as we prepare to leap into a new era,” said Sonya Kuhnel, Co-founder and Director of Bitcoin Events and organiser of this year’s festival.
South Africa’s Reserve Bank Greenlights Financial Institutions to Serve Crypto Clients
The South African central bank has given financial institutions in the country the go-ahead to deal with funds linked to digital assets held in South African crypto wallets.
In the new guidelines shared by SARB, the institution said that the banks in the country “may act as a conduit for funds” tied to crypto asset service providers and “may play a role in customers wishing to purchase” or “receive pay-outs in fiat currency” in their bank accounts for the sale of crypto.
SARB released the guidance after noting that some local banks had previously moved to shut down accounts tied to cryptocurrency exchanges, citing exposure to risk. SARB said it was aware that certain banks in the country had blocked clients with links to crypto. It added that although thorough risk assessment is necessary, the “wholesale termination of client relationships” poses a threat to financial integrity.
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