The world’s first mobile cryptocurrency has taken a giant leap towards becoming a means of digital payment in South Africa after launching its first trading pairing in the country’s native currency.
Electroneum (ETN) went live with its first South African Rand (ZAR) trading pairing on Artis Turba, South Africa’s newest cryptocurrency exchange, at 06:00 UTC on 18th December.
The Rand pair is the third trading pairing on the exchange, which also pairs ETN with BTC and ETH, and will mean South Africans have a means of buying and selling ETN in their native currency, which will speed up adoption of ETN as a means of digital payment.
ETN Founder and CEO Richard Ells explains:
“This is a landmark moment for South African vendors looking to accept cryptocurrency. Being able to buy and sell ETN in their native currency will take the risk out of accepting payments in cryptocurrency (as they can cash out instantly), give them easier access to ETN (as they can buy it without needing to buy another cryptocurrency first), and, most importantly, give them access to the benefits of ETN and to its massive community of users.
As vendors benefit from the incentives that ETN offers, the local ETN ecosystem will grow – and grow explosively. More vendors, more partners will come on board everywhere, every day, so more South Africans will be encouraged to use the ETN they are rewarded with every month. As supply meets demand, consumers, vendors and partners will work together to create an ever-growing cooperative ecosystem – an ecosystem fuelled by ETN.”
“Vendors aren’t the only people who will benefit from this partnership. There’s a massive number of unbanked people in in South Africa and a huge demand for a complementary source of income – a demand ETN can meet because it can be earned, mined, and spent through a mobile.
We have the potential to change the lives of a huge number of people in South Africa – potential we’ve taken a giant step towards realising that with our first ZAR pairing. I’m hugely grateful to Artis Turba for making it happen and know we’ll achieve great things together.”
Artis Turba’s Co-Founder and COO Nigel Peacock said:
“We are excited to be part of this historic event. People don’t always realize how difficult it is for South Africans to own cryptocurrencies other than Bitcoin. Artis Turba will now give South Africans access to buy and sell Electroneum in their local currency and ultimately get exposure to cryptos like Electroneum.”