As bitcoin begins testing levels last seen at the peak of the end-of-2017 bubble, South Africa has yet another cryptocurrency exchange in an increasingly crowded market.
Cape Crypto, led by a former manager at Luno, was launched on Thursday, with the aim of “ensuring every South African owns bitcoin”.
Founder and CEO Leon Kowalski said the platform is “purpose-built for the South African market” and only accepts deposits in rand and bitcoin. It has promised the lowest fees for bitcoin trading with no need for identity verification.
“Customers don’t need to verify their identity before they can start buying. It’s a simple process of confirming their e-mail address, instantly depositing rands, and buying bitcoin,” Kowalski said in a statement.
“Allowing first time buyers to touch bitcoin before they’ve verified their identity (instead of after) eases the journey for the good guys as it’s a faster and less intimidating entry, but still keeps anti-money laundering in check as we do ask for identity verification but only if you wish to withdraw.” — © 2020 NewsCentral Media