Binance recently announced the launch of fiat currency support in South Africa, and generously donated $1 million to support local blockchain education. This move not only promotes the development of the digital currency market in South Africa, but also injects new vitality into local blockchain education. Let's take a deep look at Binance's fiat currency support plan in South Africa and its positive impact on local blockchain education.

This move by Binance aims to provide South African users with a more convenient and secure digital currency trading experience. By introducing fiat currency support, users can directly use South African rand to purchase cryptocurrencies without having to trade through other digital currency trading pairs, reducing users' transaction costs and risks. The launch of this move will greatly promote the development of the digital currency market in South Africa, provide more options for local investors, and stimulate investors' interest in digital assets.

In addition, Binance donated $1 million to support blockchain education in South Africa, reflecting its social responsibility and attention to local education. The funds will be used to support the promotion and education of blockchain technology in South Africa, cultivate more outstanding blockchain talents, and promote the development of the local blockchain industry. This public welfare initiative not only helps to improve South Africa's scientific and technological level, but also provides more learning and development opportunities for local young people, laying a solid foundation for the development of South Africa's digital economy.

As an important center of Africa's digital economy, South Africa is witnessing an unstoppable development of blockchain technology. Binance's fiat currency support plan and generous donations have injected new vitality into South Africa's digital currency market and blockchain education, and strongly promoted the development of the local digital economy. It is hoped that Binance's move will inspire more companies and institutions to increase their investment in South Africa's digital economy and blockchain education, and jointly promote the vigorous development of South Africa's digital economy industry.

In this digital age, blockchain technology, as an important engine for future development, is constantly changing the way we live and work. Binance's fiat currency support plan in South Africa provides local users with more convenient and secure digital currency trading services, while generously donating to support blockchain education, injecting new impetus into South Africa's technological development. It is hoped that such initiatives will accelerate the pace of development of South Africa's digital economy and make greater contributions to the prosperity of local society.

In general, Binance's launch of fiat currency support in South Africa and its donation of $1 million for local blockchain education have not only promoted the prosperity of South Africa's digital currency market, but also injected new vitality into the local blockchain education cause. It is hoped that such initiatives will encourage more institutions and companies to increase their support for South Africa’s digital economy and science and technology education, jointly promote the vigorous development of South Africa’s digital economy industry, and contribute to the progress and prosperity of local society.

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This week, on the first day of the Blockchain Africa conference in Johannesburg, CEO Changpeng Zhao announced that Binance will launch a fiat gateway for South African users, allowing them to make deposits in rand (South African currency). He confirmed that merchants in South Africa will soon be able to deposit rand on the platform through Binance’s website. The move is part of the company’s ongoing expansion into Africa, which began in Uganda in 2018:

“Africa is one of the regions with the largest demand for cryptocurrency and one of the main use cases for cryptocurrency, especially in terms of financial access. According to the World Bank, approximately 66% of people in sub-Saharan Africa do not have a bank account. So, instead of trying to get them to open a bank account, why not try to get them to use Bitcoin directly?”

Binance has a presence in 35 African countries, and Zhao Changpeng said South Africa is one of the larger countries the company plans to serve:

“Looking specifically at South Africa, the country’s cryptocurrency adoption continues to rise, making it one of the top five countries in the world with the most cryptocurrency. Today, I’m excited to announce that Binance is launching a South African fiat-to-crypto gateway, allowing South Africans to buy cryptocurrency with their local bank accounts.”

Tanya Knowles, Binance’s South African country manager, detailed the company’s plans during a keynote on Wednesday. Knowles said many South Africans currently enjoy freedom of information and movement, but lack freedom of money.

Binance is the world's largest exchange by trading volume, currently supporting transactions in 180 countries and processing more than 1.4 million transactions per second. According to Coin360, its global daily trading volume is about $4 billion.

South Africans will soon be able to store and use their rands throughout the Binance ecosystem. Local users will have access to initial trading pairs such as BTC/ZAR, BNB/ZAR, ETH/ZAR, USDT/ZAR, BUSD/ZAR, etc.

Binance directly funds blockchain education in South Africa

Knowles also announced that the Binance Charity Foundation will donate $1 million to support the growth and development of blockchain education in South Africa.

The organization will seek to work with local companies to provide effective educational programs to promote the development of the industry in South Africa.

Knowles told Cointelegraph that Binance will officially launch support for the rand on the platform in the coming weeks.