Good news for the people who want to buy a car via crypto in South Africa! 6DOT50, a South African fintech startup, has recently partnered up with BTS and Seriti Solutions to facilitate crypto payments for car purchases. This partnership announced on 10 January 2025, will allow prospective buyers to buy both new and old cars.
6DOT50 combines vouchers with banking grade transactional services to enable individuals and businesses to store value and transact without needing to have a bank account. By removing compliance barriers, they are bringing those who were sidelined by the traditional financial system into the digital economy.
Buyers will be able to avail crypto payment for their cars in over 1400 dealerships across South Africa. Eight different cryptocurrencies can be used to make their purchase, including Bitcoin. 6DOT50 has reportedly processed crypto transactions worth $1million across 90,000 retail locations.
The purchasing flow as explained by the founder of 6DOT50 is that a potential buyer can exchange their cryptocurrency for 6DOT50 vouchers. These vouchers can be further redeemed via a link on Seriti Solutions platform. This makes the act of purchasing a vehicle through crypto hassle free when compared to conventional paying methods.
“By establishing a link between cryptocurrency holders looking to spend their assets and dealerships requiring payments in local fiat currency, 6DOT50 vouchers offer an ideal solution,” said Warren Venter, founder of 6DOT50.
6DOT50 with this offering has joined another retail giant in South Africa – Pick n Pay to offer digital asset payment. Pick n Pay too offers crypto payment options across 1500 retail outlets in SA.
South Africa Leads Crypto Revolution on the African Continent
Sub-Saharan Africa accounts for the smallest share of the global crypto economy at 2.7%, recorded between July 2023 – June 2024. However, the region saw modest growth numbers of $125 billion of on-chain value.
South Africa Grants Crypto Licences to 248 Firms, Another 56 Applicants in Pipeline
South Africa’s Financial Sector Conduct Authority (FSCA) announced earlier this month that it has approved the licences of 248 firms to operate as crypto asset service providers (CASPs) while… pic.twitter.com/CpzWbV4wtk
— EchoeWeb (@Echoeweb) December 30, 2024
Cryptocurrencies, particularly stablecoins are gaining a lot of traction in South Africa. The nation currently is sitting at around 9.2% crypto adoption rate. Stablecoin and other digital currencies that are pegged to the dollar are becoming the preferred choice in the country.
Crypto use cases in Africa are compelling. As the South African Rand is super volatile, users tend to leverage crypto for business payments, hedge against inflation and make hassle free retail transfers. Conventional financial instruments like bonds and stocks are prone to economic fluctuations.
For users in South Africa, stablecoins pegged to the USD, offer stability and reliability in times of economic turmoil. By insulating investors from the volatility of the Rand, stablecoins provide a sense of security and predictability upon which individuals and businesses can plan for the future.
The Broader Impact of Crypto on South Africa
Banking system in Africa often does not achieve last mile connectivity, leaving many people wanting for better financial options. Doubly for those living in rural areas and cannot meet banking requirements. Crypto to them offers a lifeline and offers individuals to participate in the digital economy.
Remittances is another major factor for millions of Africans, connecting families and communities across borders. While traditional finance options often have high fee, slow processing times and limited accessibility, stablecoin adoption in the region has resulted in financial inclusivity.
Blockchain technology enables these people to send stablecoins for remittances that are faster, cheaper, and more secure, all with just a few taps.
Regulated platforms have been instrumental in driving crypto adoption in the region. For many, the CASP license issued by the FSCA has provided users with necessary assurance that the platform function under strict regulations and financial standards.
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