Stellenbosch-based start-up 6DOT50 is hoping to help consumers spend bitcoin and other cryptocurrencies in retail stores and online in South Africa, making it easier to use crypto money for purchases.
In this podcast (watch or listen to it below), 6DOT50 founder Warren Venter talks to TechCentral’s Duncan McLeod about why it’s enabling support for cryptocurrencies such as bitcoin and ether in its payment platform and why it believes there’s demand for such as service in South Africa.
“Until now, cryptocurrencies have failed to fulfil the primary purpose of money, being its ability to be exchanged for goods and services,” said Venter. “6DOT50 has solved this problem by positioning its Digital Rands money vouchers as the bridge between the crypto world and fiat world, and providing an offramp for crypto value that offers merchants a common, stable and reliable measure of value to accept as payment.”
Venter explains in the podcast that 6DOT50 offers a free transactional account to all users and is now accepting bitcoin, litecoin, ether, bitcoin cash and dash as payment for its Digital Rands e-vouchers. The Digital Rands can be spent at 40 000 retail points of sale in South Africa.
“Our primary objective was to solve the general acceptability problems associated with crypto and to make it as acceptable as cash and bank card payments. By providing an instant conversion of crypto from the consumer into Digital Rands, merchants can accept payments from crypto enthusiasts without any of the risks that have prevented merchants from adopting crypto as payment before.”
Merchants that accept Digital Rands as payment include all Zapper QR code-enabled stores and online retailers as well as all Shoprite Group and Cape Union Mart Group stores and selected Famous Brands outlets.
In the podcast, Venter explains why 6DOT50 is investing in supporting cryptocurrencies and talks about how the process of converting cryptocurrencies into electronic vouchers works in practice.
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