— Bitcoin Kenya (@BitcoinKE) May 16, 2020
As demand for crypto skyrockets in Africa, popular Nigerian-based crypto exchange, Yellow Card, is now supporting purchase of bitcoin using the Botswana Pula (BWP) and the South African Rand (ZAR).
Yellow Card, which launched in 2016 as a bitcoin gift card platform, has evolved into an exchange after recently graduating from the Binance Labs incubation program.
As of May 15, 2020, Yellow Card launched the following new features and initiatives:
- The ability to buy and sell Bitcoin with multiple currencies including Botswana’s BWP and South Africa’s ZAR
- Expansion to new locations outside of Nigeria, including Botswana where it will be the first and only exchange, and a continued drive to make buying and selling of Bitcoin using cash and bank transfer easy and affordable for all
Yellow Card now allows anyone to buy bitcoin without the need for a bank account using the following African currencies:
- Nigerian Naira (NGN)
- Botswana Pula (BWP)
- South African Rand (ZAR)
Currently, bitcoin is trading at about 17% premium above market rate on LocalBitcoins, on the low end, in Botswana, with only about 3 traders on the platform as of this writing.
In addition, there is only one Bitcoin ATM in the country, charging steep premiums of up to 30% above market rate.
In addition, the recent statement on Botswana’s inclusion on the European Union list of high risk third-world countries has put the government on alert to ensure compliance with the relevant regulations related to money laundering.
STATEMENT ON BOTSWANA S INCLUSION ON THE EUROPEAN UNION LIST OF HIGH RISK THIRD COUNTRIES pic.twitter.com/cUJCZGLg72
— Botswana Government (@BWGovernment) May 15, 2020
All of the above create a great backdrop for a disruptive crypto product for the Botswana market.
Yellow Card has established a system of KYC preemptively and self-regulates to protect against any potential issues. In addition, the bitcoin rate on the Yellow Card app is far much better than the current market premium being offered by local traders.
So far, Yellow Card has taken Nigeria by storm with 20,000+ merchants and over $25 million dollars in transactions.
Yellow Card is also a member of the recently launched Alliance for Prosperity by Celo blockchain, which seeks to bring together key players in the blockchain and crypto space across emerging markets to enable financial inclusion to all.
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