Binance, the world’s leading blockchain ecosystem and cryptocurrency exchange participated in The Gathering: Cities Edition held last week in Cape Town on Friday, 11 September. The event brought together government, technology and business leaders to discuss what South African cities need in order to become smarter and more connected.
At the event Binance raised a simpler question alongside the bigger infrastructure conversation: how do people actually pay for things day to day and how easily can they start. Hannes Wessels, General Manager of South Africa at Binance set out how the company is answering that question already, not with a concept but with tools already working in the South African market.
Starting with the basics
Wessels described three barriers standing between people and the use of digital finance day to day. The first is understanding it, which is why Binance built Binance Academy, a free resource that takes people from the basics of crypto through to more advanced concepts. The second is getting started, a process Wessels said now takes minutes rather than days using an ID or passport and a simple identity check. The third is the cost of entry. Where some platforms require deposits of thousands of rands, Binance users can start with as little as R50.
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“Each of these barriers works differently,” said Wessels. “That is why we treat them separately. You can’t fix the cost of entry and assume that also solves understanding, or the other way around.”
Paying at the till
Wessels described…
