Sygnia Asset management, a South African investment firm, recently announced it’s planning to open a cryptocurrency exchange before year’s end. According to the local news, the company intends to open an exchange called SygniaCoin by the third quarter of 2018. Among their goals is to attract both domestic and international business transactions.
Magda Wierzycka, Sygnia CEO, stated that the cryptocurrency industry is growing rapidly. She believes companies should embrace the new technologies to offer innovative products and services to investors. Sygnia is focusing on becoming the first major financial service institution in the region offering a secure crypto trading platform. The platform will also be supported by a strong infrastructure of international standards.
SygniaCoin will base operational activities on the BitLicense framework supplied by New York state’s regulatory agency, the Department of Financial Service (NYDFS). Furthermore, the company plans to offer a wide variety of cryptocurrencies to serve both individual and institutional investors.
A Lucrative Market For Cryptos
South Africa has the most advanced economy on the continent. Now, its citizens are rapidly embracing the idea of investing in digital currencies. This comes despite the ongoing campaigns against such decentralized digital currencies globally. Cryptocurrency interest has increased in the past few months despite the warnings issued by the government and other international agencies regarding risks and uncertainties related with crypto assets.
According to a survey conducted recently by MyBroadband tech and research firm, over 50% of respondents said that they are in the process of investing in crypto assets before 2019. Most tech savvy South Africans also stated plans to venture into the digital currency world without understanding the rules of the game.
Cryptocurrency A Solution To People In Remote Areas
Bitcoin (BTC) and other digital currencies are significantly becoming a solution to remote markets. One such market is South Africa where millions of underprivileged people cannot access the traditional banking system from their homes.
Several other startups are also joining the cryptocurrency industry to help bridge the gap in the market. For instance, Centbee, a secure Bitcoin Cash (BHC) wallet based in South Africa announced recently that it’s partnering with nChain, a leading global blockchain provider to enable small retailers in the country to accept BHC at point of sale. The collaboration will fast-track development of a BTC merchant PoS software development kit (SDK) to serve the international market.