Kiwi cryptocurrency retailer Easy Crypto is branching out
into one of the world’s biggest traders of digital
currency, launching its operations in South Africa under the
new global site – www.easycrypto.ai
The
launch comes on the back of high growth in New Zealand and
includes the appointment of crypto expert Lloyd Brown as
Head of Emerging Markets.
Easy Crypto, established in
New Zealand in 2018 by brother and sister duo Alan and
Janine Grainger, is a well-established provider in the New
Zealand market, trusted by over 15,000 Kiwis and with over
$50 million in sales. The full-service digital currency
retailer launched into Australia last year and has seen
solid growth, with sales tripling over the last two
quarters.
Offering end-to-end transactions in under a
minute, Easy Crypto has established a reputation for
providing the fastest and easiest way to buy from more than
50 currencies, including Bitcoin and Ethereum, providing a
safe, approachable entry into crypto.
Challenges –
and gains
“While South Africa is a challenging and
competitive market – much like it is in New Zealand with
banking and regulation – Easy Crypto’s point of
difference is being the fastest, smoothest, most pain free
way of getting into cryptocurrency,” Janine Grainger
says.
“With a population of 56.7 million –
including an estimated 11 million who are unbanked – we
aim to provide South Africans with the ability to easily buy
and sell crypto and access a financial system totally
independent from traditional institutions” she
says.
Nearly 11 percent of South Africans already own
cryptocurrency, with the country among the biggest markets
globally for crypto trading. The wider African market is
also attracting heavy interest: Twitter CEO Jack Dorset
announced last year that he plans to live in Africa for part
of 2020 and that he believes the region is ‘defining’
the Bitcoin future.
Brown, who was born in South
Africa and has been running businesses in the country for 25
years, agrees.
A long-time cryptocurrency user – he
started using digital currencies in 2015 – Brown believes
they have the potential to revolutionise business
transactions and the financial sector.
“I have used
crypto currencies to do transactions in Africa and it has
taken my transaction time from two weeks to just 20 minutes,
all while complying with local regulations and anti-money
laundering requirements,” he says.
South Africa’s
banking system is expensive and slow. To remit money out of
the country costs around 450 to 650 Rand (NZ$45 to $65),
compared to the $15 charged in New Zealand. Banking
transactions can take 24 to 48 hours to credit money to
accounts, slowing business transactions and adding user
frustrations.
“Once I did the first few crypto
transactions, I understood how disruptive – and beneficial
– cryptocurrencies will be in the global financial space
and how they will completely revolutionise the industry,
just as email revolutionised communication,” Brown
says.
Easy Crypto and Brown first worked together when
Brown used the Kiwi-developed platform for his KiwiKrypto
digital currency exchange in South Africa.
“As we
worked together, we realised we had many synergies and
decided it would be better to combine the two brands under
the Easy Crypto name,” he says.
“When I first got
involved with crypto, it was really complicated, with a very
steep learning curve. Easy Crypto however, is very simple
and anyone can use it. It has huge potential to help South
Africans– from using it to purchase goods and services
overseas, to migrants sending it back to family in other
countries or South Africans using it to hedge against Rand
weakness and volatility.”
Adds Grainger: “Lloyd
has lived and worked in Africa for many years and his
background in international trade and finance along with his
contacts on the ground, mean he has the skills to make our
South African venture a real
success.”
