South African-operated cryptocurrency exchange, Coindirect, has today announced its plans to revolutionise the cryptocurrency ecosystem and accelerate the adoption of cryptocurrency with the “other” 1.3-billion, in an unnoticed African market.
Previously, holders of ETH, USDT, XRP, LTC, DASH and BCH were faced with extra fees to convert these coins to BTC, before being able to access local buyers through BTC marketplaces.
Coindirect is disrupting this paradigm with its integrated offering that provides traders with a global peer-to-peer marketplace that allows traders to sell ETH, USDT, XRP, LTC, DASH, BCH and BTC direct to local buyers, without having to convert the underlying crypto-asset prior to trading.
Coupled with this, is Coindirect’s 0% fees model for both buyers and sellers in their peer-to-peer marketplace. These disruptive advancements give crypto traders the ability to trade more than BTC, at lower costs, creating a healthy environment for sellers, agents and vendors across the 25 countries that Coindirect operates in.
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High conversion and transaction fees, as well as the instability of certain African fiat currencies, are major contributing factors to Africa’s common problem of remittance where widespread poverty is present. Coindirect aims to fill the gap with its goal to support Africa’s financial ecosystem and other emerging markets by removing the volatility of fiat currencies.
Unlike many other platforms which only offer peer-to-peer for BTC, Coindirect allows traders of multiple digital currencies in countries like United Kingdom, Canada, Australia, New Zealand, Singapore, Saudi Arabia, Malaysia, India, Pakistan, United Arab Emirates, South Africa, Nigeria, Kenya Ghana and many more to sell their coins directly to buyers in their country.
Changes to the crypto landscape
Whilst many independent platforms offer the functionality utilised by Coindirect, none provide a four-pronged, end-to-end offering for crypto traders. Coindirect provides a fully integrated offering under one brand that enables users full control over their coins; including:
- A peer-to-peer marketplace and allows buyers and sellers to trade multiple coins;
- A wallet that supports the conversion of over 40 coins and altcoins;
- An exchange that includes BTC, USDT and local ZAR pairs;
- A comprehensive API that allows complete integration into the wallet, exchange or peer-to-peer marketplace.
Coindirect’s Chief Operating Officer, Attila Bernariusz, comments: “What exclusively differentiates Coindirect from its competitors is its end-to-end integrated offering. The South African-operated platform gives sellers the capability to buy, sell, send, receive more than just BTC to local buyers using local payment methods.”
“There is an exciting opportunity to put an open access, secure and private decentralised financial system in the hands of emerging African economies. We believe that cryptocurrency has the potential to revolutionise the way African’s bank, and the launch of our integrated offering is our first step in doing so,” says Chief Product Officer at Coindirect, Stephen Young.
Coindirect is now live in 25 countries, with plans to launch additional markets. Coindirect supports Bitcoin and over 40 other altcoins, and charges 0% fees when buying or selling through its peer-to-peer marketplace.