South African Digital Rand is launching on Fuse

The Digital Rand, is an exciting project from Johannesburg, South Africa, building a new ERC-20 compliant stablecoin on the Ethereum chain. The Digital Rand team has chosen Fuse to collaborate on launching a new digital wallet available now on App Store and Google Play for the growing South African crypto trading market. This collaboration will essentially provide crypto users in South Africa with an easier and safer way to store, transfer, and exchange digital assets without being exposed to price fluctuations and difficulties onboarding.

South Africa is emerging as a new promising crypto hub. With a population of over 57 million people, South Africa’s economy is poised with relatively high inflation rates and financial instability which continue to plague the country, undermining the purchasing power of the population and devaluing the South African Rand. The majority of Africa is also known to be underserved by traditional financial services with limited access and high fees, leaving around 66% of those living in Sub-Saharan Africa with no access to a traditional bank account as of 2018. On the other hand, mobile finance solutions are in great demand with over 21% of Sub-Saharan Africans currently using mobile money services with more users than traditional bank accounts. Digital assets like stablecoins and decentralized finance applications are taking on the challenge of providing individuals with a way to store, exchange, and invest their money without the reliance on traditional finance.

The Stablecoin Rush

Stablecoins are digital assets designed to mimic the value of fiat currencies like the dollar or euro. In the past couple of months, stablecoins have become the center of attention in crypto space with studies showing the value of assets for all stablecoins has surpassed $10 billion, surging by over 70% in just two months, according to Coin Metrics. Owners of stablecoins are able to securely store and transfer value around the globe with immediate transaction time and low fees.

We have also added the Digital Rand to our growing list of popular stablecoins on the Fuse Studio and Fuse app using a DEX aggregator (Moonpay and Transak) to make sure that our users have more trading options, flexibility, and access to a wider variety of digital assets, encompassing a more wholesome and all-inclusive experience on the platform.

Using the Digital Rand mobile app, users can convert their Digital Rand (DZAR) to a list of selected stablecoins so users can hold and use DZAR or choose to exchange it to USD or EURO stablecoins lowering the barrier and improving access to financial services that were previously inaccessible to many of them.

South African Digital Rand now live on Fuse

A Digital Rand (DZAR) is a new ERC-20 compliant token where a DZAR token is pegged 1:1 with the South African Rand. This allows users to have the preferred choice and flexibility in investment decisions and provides easy access to over 70 other cryptocurrencies. Because DZAR is fully collateralized through smart contracts and in compliance with FICA regulations, it’s the stablecoin you can count on! The Digital Rand can be transferred 24/7, 365 days a year very low fees.

The new mobile wallet for Digital Rand is available for iOS and Android and it allows users to onboard to crypto without going trough any volatile assets — users can deposit Rand from their bank accounts and convert it to USD stablecoin or any other supported cryptocurrency with no friction and hassle and users can send money freely to each other all in modern user-experience that is ready for mainstream users.

If you have any questions regarding the collaboration or the wallet and Studio, don’t hesitate to check out the Digital Rand docs and our FAQ. We would love to hear your thoughts on the project and your communities on Medium, GitHub, Twitter, Facebook, and Telegram! Create the future of mobile payment, together with Fuse!

Sources:

Digital Rand — Products. (2020). Retrieved 4 August 2020, from https://digitalrand.co.za/products/dzar.html

Crypto Use-Cases in Africa on the Rise, According to Luno | Sponsored Bitcoin News. (2020). Retrieved 4 August 2020, from https://news.bitcoin.com/crypto-use-cases-in-africa-on-the-rise-according-to-luno/

Anzalone, R. (2020). Stablecoins Are Legion, And More Are Coming. Are We Creating A New Crisis?. Retrieved 4 August 2020, from https://www.forbes.com/sites/robertanzalone/2020/01/30/stablecoins-are-legion-and-more-are-coming-are-we-creating-a-new-crisis/#178ef12e541d

Stablecoin Supply Doubles to 12 Billion Following a 50% Cryptocurrency Market Price Drop | Markets and Prices Bitcoin News. (2020). Retrieved 4 August 2020, from https://news.bitcoin.com/stablecoin-supply-doubles-to-12-billion-following-a-50-cryptocurrency-market-price-drop/

Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin — CoinDesk. (2020). Retrieved 4 August 2020, from https://www.coindesk.com/stablecoin-supply-breaks-10b-as-traders-demand-dollars-over-bitcoin