The African continent has been really warming up to cryptocurrencies. It is in fact, among the leading continents where we see an upsurge in organic demand for digital currencies. With countries such as South Africa, Nigeria, and Ghana being on the front line towards its adoption.
If the African countries were to be ranked from one-to-five in terms of adoption of cryptos. South Africa took the lead in 2018, followed closely by Ghana, and then Nigeria. However, in 2019, the tables were turned as Nigeria overtook all the three countries to take position one.
As to how Africans use the cryptocurrencies, there is somewhat a difference compared to their counterparts in Asia or the West. While in Asia and the West users access crypto via exchanges with order books, users in Africa much of that occurs through peer-to-peer trades on informal channels such as WhatsApp groups. Basically informal online channels trusted by admins with minimal KYC or peer-to-peer marketplaces.
While it remains true the continent has seen an upsurge in organic adoption of cryptocurrencies, it has barely scratched the surface towards becoming mainstream. However, there is good progress towards that front, one of which comes in the form of Bundle.
Bundle is an African-focused social payments app for cash and cryptocurrencies backed by Binance. Bundle allows users to request, send, and receive cash or crypto from their peers. Users are able to buy, sell, and store digital currencies such as BNB, BTC, and ETH.
Binance recently introduced a new product; a USD-denominated coin dubbed BUSD (Binance USD). There press release to newsrooms read as follows:
We are excited to announce that Bundle now supports BUSD!!! As you are already familiar, Bundle supports buying and selling of BNB, BTC, and ETH all from one wallet.
We received several emails from our amazing Bundlers in our community asking us when we will add BUSD as a crypto asset on our platform. We listened to you and worked tirelessly to ensure we support BUSD on our platform. Now, you can buy/sell or store BNB, ETH, and BUSD on Bundle – I can imagine you fist-bumping and shouting “yassss” right now.
For those who may not have heard of BUSD before, Binance USD (BUSD) is a new USD-denominated coin launched in September last year. BUSD was created in partnership between the largest and most trusted companies in crypto space: Binance, the largest digital asset exchange in the world, and Paxos, a US-regulated custodian and trust company.
BUSD is fully collateralized 1:1 by the U.S. dollar, which means the value of 1 BUSD is equivalent to the value of $1 USD. This reduces significant price fluctuations of BUSD as opposed to the more popular cryptos like Bitcoin and Etherum. With BUSD you are able to hedge against the volatility and devaluation of your crypto-assets by holding in BUSD, which is as stable as the dollar.
BUSD is pegged to the U.S. dollar (USD), hence its value is highly dependent on the value of USD. So 1BUSD = 1USD. Because of this BUSD is not as unstable as the other crypto coins such as Bitcoin or Ethereal. No more ‘up-down-up-down’ ticks when looking at the charts. Say goodbye to regular heart palpitations when you are checking the value of your coin in your wallet.
If you do not have a large appetite for risk then you should use BUSD.
Buying and selling crypto (BNB, BTC, ETH, and now BUSD) on Bundle is as simple as ABC, no for real, it is very straightforward. First, you need to download the latest version of the Bundle app which has the BUSD support. After that you just need to register, and verify your account and voila! You can start buying and selling BUSD from the Bundle app.
Transaction limits on Bundle is determined by your KYC level.
KYC (Know Your Customer) is what we use to measure the amount of information our customers have provided us to verify their identity. Currently, the highest level for KYC on Bundle is KYC level two.
For KYC level one:
Maximum BUSD deposit: No limit
Maximum withdrawal limit: NGN 22,071
Maximum BUSD deposit: No limit
Maximum withdrawal limit: NGN 132,426
Yup, BUSD is safe
BUSD was created in partnership between Binance the largest digital asset exchange and Paxos, a US-regulated custodian and trust company.
Not only this but is approved and authorized by the New York State Department of Financial Services.
We believe that the introduction of BUSD as one of the digital currencies we support, will further drive our goal towards ensuring Africans enjoy access to a borderless, open, and inclusive financial system.
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