Although Bitcoin, the number one cryptocurrency in the decentralized market, has lost value in recent weeks, it has not stopped South African citizens from buying it. According to reports, from 2021, the residents of the country in southern Africa will be involved in the crypto market to avoid the devaluation of their currency and other economic problems.
The Revix CEO clarifies that by 2022 a drop in crypto adoptions was perceived, but it occurs after an exponential growth that exceeds 400 percent. Sanders Sean, who holds a senior position at Revix, believes that South Africa could be one of the biggest countries involved in the virtual market.
Southern Africa grows in crypto adoptions
The crypto market has increased its interest in various countries worldwide, including South Africa, showing incredible growth since 2020. To date, it is reported that at least 3 out of 10 South African citizens use cryptos, while a vast majority of the population knows the virtual market.
Revix, which would be a significant crypto company in South Africa, reports that by 2022 crypto adoptions will be down due to various factors. According to the firm, investors stopped buying cryptos in the first quarter due to the lack of income due to holiday expenses.
Sanders, the general manager at Revix, clarifies that the firm grew by over 50 percent for the last half of 2021 and quarter of 2022. The manager confesses that the company saw an exponential rise in crypto adoptions for 2020, exceeding your expectations.
Revix in South Africa shows a breakthrough in the crypto-market
Revix, the crypto company doing business in South Africa, reports that developments in the crypto-market show staggering volumes. The firm clarifies that its funds reached over $2 M by 2020 and multiplied to about $70 M by 2021. It is expected that in 2022 these operations will increase again.
South Africa not only allows Revix to grow its operations but has also lent its support to the VALR Exchange. The company’s CEO, Ehsani Farzam, indicates that its users grew to more than 85000 people in 2021, and for the quarter of 2022, some 270000 clients have been reported.
Crypto-adoptions in the country are caused by several factors, starting with the devaluation of the South African Rand and the limits presented by fiat currency. The crypto market offers its investors thousands of opportunities to earn money and make international operations. Mass adoption could also be motivated by the rise of the global market, where today, cryptos are a priority for many national companies.
Source: https://www.cryptopolitan.com/south-african-increases-crypto-adoption/