XRP demand is on the rise as Binance South Africa contemplates listing it. This comes a few days after the fast-growing crypto exchange added the South African Rand (ZAR) on its platform. The southern African market is among the most vibrant in the continent.
To date, Binance is giving its users in the country’s sizeable trade pairs. These include USDT/ZAR, BTC/ZAR, ETH/ZAR and their native coin BNB/ZAR. The exchange country manager Tanya Knowles says XRP demand is very noticeable among local users. The manager goes on to add:
“…We have launched five trading pairs, but we haven’t launched XRP, for example, and that has been one of the requests that is coming from some of our users already. So, so these sorts of things we would need to roll out.”
Untapped XRP demand in South Africa
While acknowledging the crypto potential in the country, Knowles says user experience is vital and the need for user education is part of the exchange’s priority. Citing Binance entry into the Indian market through WazirX exchange, the country manager insisted on creating crypto awareness first.
The Rand has shed over 40 percent against the USD this year alone. Knowles believes that crypto can offer alternative ways to invest. However, the representative maintains that the entry into the local market is to open doors for international projects. To increase local adoption, the platform has introduced the “Instant Visa Buy” for the local users.
Is XRP demand directed to the market it should serve?
XRP, a product from Ripple is gaining popularity and acceptance in both developed and developing economies. Its products have accepted by many banking institutions. Just like in India and Indonesia, the entry into the South African market is a way to tap into the crypto potential across borders.
Binance has established bases in 35 countries across the African continent but South African economic vibrancy is the right landing spot for any exchange. The country appears in the top five countries with high crypto holdings.
LocalBitcoins has been recording growth in its volumes, a clear indication that the market is ready for disruption. With a market worth more than ZAR 13 million, a lot is expected from Binance on whether it is going to list XRP soon.