South Africa is quickly positioning itself as a go-to hub for cryptocurrency trading. To do so properly, new infrastructure will need to be launched. Sygnia, a well-known asset management company, is apparently looking to enter the cryptocurrency trading ecosystem. Its new venture is scheduled to launch in Q3 of this year.
SygniaCoin is Worth Keeping an eye on
Consumers all over the world are demanding exposure to cryptocurrencies. That is a lot easier in some regions compared to others. For instance, trading Bitcoin and altcoins is relatively easy in Asia, the US, and Europe. However, things are very different in places such as South Africa, where Bitcoin hasn’t made the biggest of impacts so far.
That situation may come to change in the very near future. Bringing more cryptocurrency gateways to South Africa is one of the missions of asset management company Sygnia. As such, the company has announced its plan to launch SygniaCoin. Unlike what people may expect, this has nothing to do with a new currency, but it is the name of the firm’s cryptocurrency trading platform which will go live in Q3.
As one would expect from any self-respecting firm in the financial industry, new ventures are being explored at Sygnia. It has been looking at new strategic initiatives for quite some time now, and it seems cryptocurrency trading is one of its top priorities. It is not the only new venture the company will pursue, but it’s the one that is most relevant to Bitcoin and altcoin enthusiasts.
SygniaCoin will be a cryptocurrency exchange which focuses on the domestic South African market first and foremost. However, Sygnia is already planning to integrate international flows in the future, although no specifics have been provided yet. South Africa doesn’t have any active cryptocurrency regulation in place, although the business model is still frowned upon by regulators at this stage.
Even so, Sygnia CEO Magda Wierzycka is confident that cryptocurrency regulation in South Africa will continue to evolve. The South African Revenue Service has indicated they will tax any and all cryptocurrency activity, although it remains unclear how they plan to do so. Even so, it is an important first step toward regulating and legitimizing cryptocurrencies in the country.
With more cryptocurrency trading platforms launching all over the world, consumers and investors will have an easier time diversifying their financial portfolios. Despite the bad start to 2018 for all cryptocurrencies, industry experts remain optimistic about the price of Bitcoin in the years to come. As such, a lot of people will not want to miss out on the opportunity to buy cryptocurrencies at a cheap price.