South African money manager Sygnia Ltd has announced its decision to start a cryptocurrency exchange known as SygniaCoin towards the end of the year to tap the digital currency wealth.
Sygnia is a huge company with 181 billion rand ($14.5 billion) under management. The company announced in a six-month trading statement on Friday that that it will set up a fund to invest in a variety of cryptocurrencies. Investors will be offered a secure trading and execution platform by SygniaCoin exchange, the company said.
The exchange will offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings.
Bitcoin and Ethereum are digital currencies that are becoming increasingly popular. South Africa recognizes the power of digital currencies and cryptocurrency trading in particular. It has hence begun a financial-technology unit in order to evaluate its position on private cryptocurrencies, which in turn can help draw up policies. The bank refers to use the term cyber tokens instead of cryptocurrencies since according to them; it does not meet the requirements of fiat money.
All regulatory frameworks required for cryptocurrency trading platforms registered in New York State will be followed by SygniaCoin exchange.
South Africa sets up SygniaCoin exchange and country’s first cryptocurrency ATM
South Africa is among the few countries that have recognized the significance and positive impact that cryptocurrencies can have on the country’s economy. South African blockchain firm Vendibit recently installed the first commercial cryptocurrency ATM of the country at Northwold Spar in Johannesburg, the country’s biggest and richest city.
New Cryptocurrency Exchange SygniaCoin along with the recently opened cryptocurrency ATM is a huge breakthrough for South Africa as the country is all set and geared up to join the global revolution in digital finance.