South African crypto users are now spending, thanks to a homegrown “bridging” solution
The global cryptocurrency market hit a major milestone in November, reaching an estimated worth of over $3 trillion. Locally, the number of crypto wallet holders is estimated to be around 4.2 million, amounting to over 7% of the population. With this growth attributed to progressively more people recognising the potential of this medium of exchange, there is no doubt that the South African crypto market will continue to show substantial growth into 2022.
Seizing the opportunity of a growing local market with no means to easily spend this accumulating crypto value, digital money platform, 6DOT50, (www.6DOT50.com) now enables users to convert five popular cryptos to 6DOT50 Digital Rands (DZAR) for everyday spend allowing its account holders to #LIVEONCRYPTO. This is a first for South Africa and a trend that is showing exponential growth.
Contrary to what has been available up to now, cryptocurrency enthusiasts now have the ability to easily spend their cryptos through 6DOT50 on goods and services at the point of sale be it at retail outlets or online.
Until now, cryptocurrency has not served as a means of payment for everyday good and services in South Africa and globally. There are only 14 000 physical Bitcoin exchange ATMS globally with only 0.1% of them being in Africa.
6DOT50 has solved this problem by positioning its Digital Rands as the bridge between crypto and the till point offering merchants a quick and easy stable and reliable measure of payment.
Recent trends show 6DOT50 users buying electronics and goods online, airtime and data, clothing, groceries, fast food and coffee at their favourite retailers as well as sending DZAR to family, friends and domestic employees.
This trend is expected to ramp up rapidly as more and more users adopt this first of its kind local payment platform which is free to use and a widely accepted digital payment application.
“We are excited to see the crypto enthusiasts adopting 6DOT50 as an easy way to use and live off cryptos,” comments 6DOT50 Founder and CEO, Warren Venter, on the rapidly increasing user adoption and spending of cryptos through the digital platform. “Since we have introduced this method of exchange, we have seen a 25-fold increase in the value of Zapper transactions across our platform,” he says.
More and more local users are converting their cryptocurrency into DZAR, now accepted at more than 50 000 retail stores and online retailers across South Africa via 6DOT50. Online transactions range from buying electronics and tech to the purchasing of plane tickets on SAFAir using Zapper. The 6DOT50 merchant network has also received a further boost with the inclusion of Mr D and Incredible Connection now accepting 6DOT50 payments.
Providing crypto holders with a simple, secure and efficient way of spending cryptos has been one of 6DOT50’s key objectives and they are now uniquely positioned to service this end of the market. Venter commenting further, “Crypto to coffee is now a reality and it is as simple and quick as a card transaction. We expect the crypto spend to increase significantly as we head into the festive season.”
The Stellenbosch based digital money platform was established by Venter in 2019. It’s initial launch in May 2020 targeted a safe and reliable way for employers to electronically pay their domestic workers or casual employees, a need accelerated by Level-5 lockdown which created the difficulty of paying works in cash. This has however fast expanded into a multitude of extremely useful use cases including Pay with Crypto (#LIVEONCRYPTO) and businesses using the platform as an effective way to instantly distribute incentives, rewards and commissions to any mobile number (#6DOT50PAY).
More about 6DOT50
6DOT50 is a digital money platform that allows you to store your money, instantly SEND and receive money and PAY for goods and services. Its FREE and doesn’t require you to transact using a bank account. That means no KYC, no FICA, no documents, no red tape.
Whether you are a crypto holder or a business needing a cost-effective incentive payment solution, 6DOT50 is your alternative way to pay and get paid.
Go to https://www.6dot50.com/ for more information.