KoinKoin to Accelerate Crypto Adoption among South African Retailers

KoinKoin to Accelerate Crypto Adoption among South African Retailers

Three African nations made the top 30 in Chainalysis’ Global Crypto Adoption Index for the degree to which cryptocurrencies are being used in regular commercial transactions. Nigeria, Kenya, and South Africa were rated 11th, 9th, and 30th, respectively, in the pool. When it comes to retail purchases, Sub-Saharan Africa has exhibited strong acceptance of cryptocurrencies.

Western Europe and North America accounted for almost 20% of the overall transaction value, according to Chainalysis’ examination of worldwide cryptocurrency transactions between July 2021 and June 2022. These significant transactions were powered by investors and financial institutions. However, more than any other region worldwide, Africa accounts for 6.4% of all retail transactions under $10,000.

This reality places emphasis on the role of retailers in accelerating crypto adoption in Africa. In South Africa, the declaration of crypto assets a financial product is seemingly accelerating its adoption. Retailers including Pick n Pay have already included it as payment options. African-focused crypto exchange KoinKoin has launched an app to enable retail traders to buy and sell crypto using local payment methods.

KoinKoin collaborated with BitHolla to “bring deep liquidity from 40 major exchanges to ensure market orders are filled in fractions of a second. The South Korean tech startup offers products and services based on blockchain innovations like Bitcoin.

By giving customers access to cryptocurrency to facilitate cross-border remittance, trading, and payments, KoinKoin hopes to compete with well-known firms like Coinbase and Binance. According to Ola Atose, CEO and founder of KoinKoin, KoinKoin Exchange app signals a huge push into the retail trading area for KoinKoin.

“We are pleased to have created an advanced smartphone application which is highly-functional and super-simplistic for one of the most straightforward user experiences in the digital assets trading app markets.

“This will make digital assets accessible to an even wider audience across the globe, such as in emerging markets, where crypto-currency will not just be used as a store of value, but also as a means to empower fast and cost-effective cross-border payments.”

The market in Sub-Saharan Africa is driven by retail customers because the region lacks large, institutional-level merchants. Crypto is a lifeline for the large number of highly educated young Africans who are unemployed and have difficulty finding work. It’s how they provide for their family.

A market where cryptocurrencies are used frequently may offer special chances for business owners and startups. They have a good chance of being successful in Africa if they can facilitate retail, commercial, and peer-to-peer transactions. African entrepreneurs are increasingly using bitcoin for business transactions. Fiat currency transfers might be difficult because of regulatory obstacles. But for South African users and businesses, Blockchain regulation and KoinKoin’s app places them at an advantage.