Well-known venture capitalist Michael Jordaan shared his thoughts on the future relationship between cryptocurrency and banking in South Africa.
South Africans should seek to improve their financial standing by using affordable digital banking services rather than speculating in cryptocurrency.Among Jordaan’s many ventures since forming his Stellenbosch-based startup investment vehicle Montegray Capital in 2014, is the South African cryptocurrency trading platform VALR.Jordaan said he invested in VALR because he was highly impressed by founder Farzam Ehsani.
But he nonetheless believes there are many possible uses for cryptocurrency, the dominant of which remain to be discovered. One of the other proposed use-cases of blockchain, the technology which supports cryptocurrency, is to be a replacement for conventional banking systems. Jordaan expected that it was more likely that crypto service providers and banks would stray into each other’s turf organically.
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