Blockchain and cryptocurrency infrastructure provider Binance has launched a fiat gateway for South African rand.
Binance is the world’s largest cryptocurrency exchange by trading volume. It says the move expands its product offerings and bolsters its local presence in the region.“The top 5 financial institutions in South Africa and Nigeria are currently supported. These include: Absa, Capitec, FNB, Nedbank and Standard Bank,” Binance’s website states.in various funding rounds since February 2021.
MyBroadband tested Binance’s Stitch fiat gateway functionality. Screenshots of the procedure are included below.To link your bank account, Binance redirects you to Stitch’s domain, where you are required to provide your online banking username and password.“We don’t share usernames and passwords with anyone,” a spokesperson told MyBroadband.Stitch explained that it, and the websites that use its service, only hold a randomly-generated token containing the username and password.
“When users return to make a future payment, this token is used to identify them, and their details are then passed from the vault to the bank without the website having access to them,” it stated. “We also conduct regular penetration tests using external, CREST-certified vendors to ensure that our systems follow the strongest security practices available and that they’re protected against attackers.”Once Binance’s ZAR fiat gateway is selected, it shows deposits attract a 1% fee.After clicking “Link via Stitch”, Binance redirects you to Stitch’s web app.Now read:
Opt out of Fiat and into Crypto...
The Rand is good enough, no need for crypto