Instant Cryptocurrency Transacting Has Arrived in South Africa
SA Fintech Startup YOU# and Israeli Tech Giant Virtual Crypto Bring Instant Cryptocurrency Transacting to South Africa - The deal will encourage mass adoption in a region where there is already heightened interest in digital currencies.
YOU# a South African based fintech company that provides turnkey cryptocurrency mining; Financial Planning Institute accredited blockchain and digital currency training to certified financial planners (CFP®️); and operates a cryptocurrency investment platform - today announced their securing of a distribution agreement with Virtual Crypto.
Based in Israel, Virtual Crypto Technologies Inc. is an international leader in making day-to-day cryptocurrency transactions more accessible to businesses and consumers through real-time availability and broad accessibility. To date, one of the real barriers to overcome for businesses and consumers alike has been the delay in completing cryptocurrency transactions, to the point that they are impractical for face to face transactions. Virtual Crypto has managed to overcome this through a proprietary validation algorithm that predicts, with a high degree of accuracy, whether the Bitcoin trade will be confirmed by the Bitcoin network – thereby making transactions virtually instant.
According to Ari Leibovitz, YOU# founder and blockchain expert, “we were immediately impressed by the NetoBit point of sale product range developed by Virtual Crypto. It really sets the standard for execution speeds at low costs – something that is a game changer, particularly in this region.”
For businesses concerned about volatility when holding cryptocurrencies (when really what they want is fiat currency), Virtual Crypto offers secure and seamless transactions that effectively scan and settle the transaction into fiat using multiple exchanges – all within seconds.
In addition, Virtual Crypto has created the bi-directional NetoBit ATM, which allows users to purchase, sell or convert cryptocurrencies to cash. Close to 75% of the world’s Bitcoin ATM’s (3,500 according to August CoinATMradar data) are based in the USA, with just a handful located in South Africa. Furthermore, 70% of Bitcoin ATM’s only allow customers to purchase Bitcoin.
Alan Robertson, YOU# co-founder commented, “with South Africans recently ‘Googling’ the word ‘Bitcoin’ more than any other country in the world, it’s clear that this isn’t just a passing interest in digital currencies, but that Bitcoin and cryptocurrencies in general are here to stay.”
“Ensuring that both businesses and consumers can easily and securely transact is not just an exciting differentiation opportunity for first movers,” commented YOU# co-founder Jennifer Masterson, “but with almost 50% of all South Africans planning to invest in cryptocurrencies in 2018 (MyBroadband 2018 Cryptocurrency Survey completed in April), we see as willing market for cryptocurrency transacting.”
Alon Dayan, CEO of Virtual Crypto commented, “Cryptocurrency is increasingly popular in the Southern African Region, which is a strong emerging market. Cryptocurrency provides investors and businesses with an opportunity to diversify their portfolio. In addition, Virtual Crypto’s solutions offer businesses and consumers a secure payment alternative with real-time availability and broad accessibility.”
“With African countries boxing above their weight in terms of Bitcoin holders per capita: Nigeria (3rd), Kenya (5th), and South Africa (6th), whilst their GDP’s sit at 140th, 149th, and 101st respectively,” says Robertson, “there never has been a better time to introduce solutions that make day-to-day transacting simple, secure, and instant.”
According to Dayan, “since they came to Israel earlier this year to commence discussions, we have been impressed with the well balanced technical and commercial expertise within the YOU# team. We look forward to them delivering our world leading cryptocurrency transacting technology to the region.”