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Kiwi Digital Currency Retailer Easy Crypto Targets Growth Cryptocurrency Market Of South Africa

Kiwi cryptocurrency retailer Easy Crypto is branching out into one of the world’s biggest traders of digital currency, launching its operations in South Africa under the new global site - www.easycrypto.ai

The launch comes on the back of high growth in New Zealand and includes the appointment of crypto expert Lloyd Brown as Head of Emerging Markets.

Easy Crypto, established in New Zealand in 2018 by brother and sister duo Alan and Janine Grainger, is a well-established provider in the New Zealand market, trusted by over 15,000 Kiwis and with over $50 million in sales. The full-service digital currency retailer launched into Australia last year and has seen solid growth, with sales tripling over the last two quarters.

Offering end-to-end transactions in under a minute, Easy Crypto has established a reputation for providing the fastest and easiest way to buy from more than 50 currencies, including Bitcoin and Ethereum, providing a safe, approachable entry into crypto.

Challenges – and gains

“While South Africa is a challenging and competitive market – much like it is in New Zealand with banking and regulation – Easy Crypto’s point of difference is being the fastest, smoothest, most pain free way of getting into cryptocurrency,” Janine Grainger says.

“With a population of 56.7 million – including an estimated 11 million who are unbanked – we aim to provide South Africans with the ability to easily buy and sell crypto and access a financial system totally independent from traditional institutions” she says.

Nearly 11 percent of South Africans already own cryptocurrency, with the country among the biggest markets globally for crypto trading. The wider African market is also attracting heavy interest: Twitter CEO Jack Dorset announced last year that he plans to live in Africa for part of 2020 and that he believes the region is ‘defining’ the Bitcoin future.

Brown, who was born in South Africa and has been running businesses in the country for 25 years, agrees.

A long-time cryptocurrency user – he started using digital currencies in 2015 – Brown believes they have the potential to revolutionise business transactions and the financial sector.

“I have used crypto currencies to do transactions in Africa and it has taken my transaction time from two weeks to just 20 minutes, all while complying with local regulations and anti-money laundering requirements,” he says.

South Africa’s banking system is expensive and slow. To remit money out of the country costs around 450 to 650 Rand (NZ$45 to $65), compared to the $15 charged in New Zealand. Banking transactions can take 24 to 48 hours to credit money to accounts, slowing business transactions and adding user frustrations.

“Once I did the first few crypto transactions, I understood how disruptive – and beneficial – cryptocurrencies will be in the global financial space and how they will completely revolutionise the industry, just as email revolutionised communication,” Brown says.

Easy Crypto and Brown first worked together when Brown used the Kiwi-developed platform for his KiwiKrypto digital currency exchange in South Africa.

“As we worked together, we realised we had many synergies and decided it would be better to combine the two brands under the Easy Crypto name,” he says.

“When I first got involved with crypto, it was really complicated, with a very steep learning curve. Easy Crypto however, is very simple and anyone can use it. It has huge potential to help South Africans– from using it to purchase goods and services overseas, to migrants sending it back to family in other countries or South Africans using it to hedge against Rand weakness and volatility.”

Adds Grainger: “Lloyd has lived and worked in Africa for many years and his background in international trade and finance along with his contacts on the ground, mean he has the skills to make our South African venture a real success.”

© Scoop Media

 
 
 
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