Cryptocurrency exchange, Crypto.com, has announced that it is launching a Rand wallet. However, at the same time, non-Rand fiat wallets would be disabled for its South African customers.
Crypto.com is a cryptocurrency exchange company based in Singapore. As of 2022, the company has 50 million customers and 4,000 employees. The platform’s official cryptocurrency is Cronos ($CRO). The exchange also stands out because of its brand partnerships, where alongside FTX exchange, they have shown a huge appetite for partnering with sports brands.
In 2018, the company got its name as Crypto.com following a purchase of a domain owned by cryptography researcher and professor, Matt Blaze. Domain sellers valued the domain at $5 – 10 million.
“We are pleased to announce that we have made progress in our expansion of services in South Africa. Please be informed that Foris DAX SA (Pty) Ltd will become the contracting entity of the Crypto.com App on 10 July 2022.” – crypto.com
To continue using the exchange, customers in South Africa must accept its updated terms and conditions with Foris DAX, which will take over the management of their accounts.
After accepting the new terms, Crypto.com said the following changes would take effect:
Non-Rand fiat wallets will be disabled
Any remaining non-Rand fiat balances after July 10 2022 will be converted to $USDC (Circle’s stablecoin)
Other products and services available to South Africans in the Crypto.com app will remain unaffected
“Before 10 July 2022, you can use the remaining non-Rand fiat balances to purchase cryptocurrencies. Rest assured that your funds will remain safe and accessible to you during this transition.” – Crypto.com
Crypto.com said no action is required for now and that customers would be notified on the next steps.