Afridax, a new cryptocurrency exchange founded by veteran crypto entrepreneur Frank Leonette, has officially launched in South Africa, offering a user-friendly platform and a share of R125,000 in crypto assets to the first 500 customers.
Afridax, a new cryptocurrency exchange founded by veteran crypto entrepreneur Frank Leonette , has officially launched in South Africa. The platform offers a user-friendly interface aimed at both beginners and experienced crypto traders, and is giving away R125,000 in crypto assets to the first 500 customers. Afridax joins a growing number of cryptocurrency exchanges operating in South Africa, competing with established players like Luno, VALR, Ovex, and AltCoinTrader.
Leonette brings over eight years of experience in the cryptocurrency industry to Afridax, having worked on various projects that shaped his understanding of both the technical and business aspects of the space. He emphasizes his passion for innovation and making cryptocurrency more accessible, secure, and user-friendly as the driving forces behind Afridax's creation. Afridax received its operating license from the Financial Sector Conduct Authority (FSCA) in November 2024, following the regulator's move to grant licenses to qualifying crypto asset service providers. The FSCA's aim was to regulate the local cryptocurrency industry and deter bad actors from engaging in scams targeting the public. The platform officially launched on January 27, 2025, following a successful soft launch in December 2024. During the soft launch phase, Afridax was made available to a limited audience to gather feedback, test features, and ensure smooth operations. This allowed the platform to be fine-tuned and any potential issues addressed before the full-scale launch. Afridax differentiates itself from other exchanges by focusing on developing an intuitive user interface. Recognizing that many newcomers to the cryptocurrency space can feel overwhelmed by the complexity of traditional platforms, Afridax designed its platform to be user-friendly for both beginners and experienced traders. The onboarding process is streamlined, guiding users through account creation, wallet setup, and basic transactions. The platform also features a rand-backed stablecoin called ZARP, enabling users to perform free swaps between ZARP and South African rands. This allows customers to trade on decentralized exchanges or establish secondary payment businesses. Furthermore, Afridax plans to introduce several promising cryptocurrency assets that are overlooked by other exchanges in the coming months. Leonette highlights that Afridax includes an application programming interface (API), as well as staking/earn options for various cryptocurrency assets. He notes that cryptocurrency adoption in South Africa is currently around 10%-12% and is projected to grow to approximately 45% by the end of the decade. While many people are interested in cryptocurrency, many are still unfamiliar with its inner workings and hesitant due to its volatility. Leonette points out that cryptocurrency use cases in South Africa are on the rise, particularly in remittances and payment solutions. Cryptocurrency offers the unbanked minimal barriers to entry and enhanced financial accessibility. Customers are increasingly viewing Bitcoin and related assets as a store of value and a hedge against inflation. Speculation in the cryptocurrency market remains high, with participants buying, holding, or trading cryptocurrencies primarily to profit from price fluctuations. He adds that Bitcoin has recently reached a new all-time high, with prices exceeding R2 million on local exchanges. This surge is likely driven by factors such as the US elections and positive sentiment towards cryptocurrencies. A clearer regulatory landscape, along with worldwide adoption and the strengthening of Bitcoin's fundamentals, is further contributing to the growing interest and value of Bitcoin. Afridax's official launch marks an exciting development in the South African cryptocurrency landscape, offering a user-friendly platform and a range of features aimed at both new and experienced crypto users
Finance CRYPTOCURRENCY SOUTH AFRICA AFRIDAX FRANK LEONETTE EXCHANGES REGULATION USER EXPERIENCE STABLECOINS BITCOIN FINANCIAL ACCESSIBILITY
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