- In 2022, South Africa became the first African country to recognize crypto as a financial product.
- CoinFlip has over 45000 Bitcoin ATMs across the US, Puerto Rico, Canada, and Australia.
- Ben Weiss and his team developed the first Bitcoin ATM, a Cassava restaurant in Chicago.
Since the dawn of time, currency has always been a tangible concept. Humanity has transitioned from batter trading to using metal ores and, finally, placing value on a few sheets of paper. Many governments have functioned for years with this financial medium; thus, many were skeptical when the idea of digital money came in. It took several years before the world saw cryptocurrency’s potential and value. In less than a decade, the value of the entire crypto industry has outpaced the traditional financial system.
Several vital organizations have taken it upon themselves to support and ensure digital money will one day replace the current system. To achieve this, developers have found new ways to ensure accessibility and availability. Thus leading to the development of several crypto infrastructure and payment services. Several organizations have collaborated to enable crypto traders to utilize their crypto assets directly. One of these organizations is CoinFlip, a leading Bitcoin ATM provider.
The controversies of Bitcoin ATM have grown, but it has not stopped this organization from pursuing a world where crypto replaces fiat currency. In recent news, CoinFlp announced a recent expansion in South Africa. This new development will see the installments of several additional Bitcoin ATMs throughout the regions.
Who is CoinFlip
Between 2015 and 2020, the entire globe was taken aback by the rapid rise of Bitcoin’s value. Its easy-to-use mechanism, fast transaction speed, anonymity, and security trumped most traditional financial systems. It offered a simpler and more efficient way of sending and transacting money, and its growing demand only increased its value.
At the time, many claimed the industry would eventually crash and crumble due to scams and hacks. In truth, the industry has suffered numerous drawbacks and close calls but has managed to outpace most sectors. Only after several recoveries did it become clear that the concept of digital money was here to stay.
This epiphany led many investors and organizations to develop crypto payment services or utilize its technology to kickstart fintech services. Despite these efforts, the adoption rate was still minute; thus, the need to close the gap between digital money and its users was needed. This line of thinking led Daniel Polotsky, Kris Dayrit, Alan Gurevich, and Ben Weiss to start CoinFlip in 2015, catering to the development and installments of Bitcoin ATMs.Typically, Bitcoin ATMs are no different from traditional ATMs; their developers designed these machines to enable easy access to digital money. Ben Weiss and his team developed the first Bitcoin ATM, a Cassava restaurant in Chicago. Bitcoin had gained a fan base at the time, and many crypto traders were lining up to embrace the new technology. The success of their first Bitcoin ATM made the need for more crypto infrastructure clear. With such machines, crypto traders could actively spend their cryptocurrency, sniffingly boosting its adoption rate in the US.
Today, CoinFlip has over 45000 Bitcoin ATMs across the US, Puerto Rico, Canada, and Australia. Its rising fame soon attracted plenty of investors and was featured in the General Bytes architecture. In 2023, Coinflip launched a digital platform called Ollive, a next-generation financial services platform focused solely on cryptocurrency.
Furthermore, CoinFlip has announced its interest in diving into Africa’s crypto markets. Its ability to survive and improve amid the 2023 crypto crisis is a testament to Africa’s vast potential. By adding and improving its crypto infrastructure, CoinFlip will aid its adoption rate and inspire more crypto payment services.
CoinFlip eyes South Africa
Amid the African web3 community, four prominent figureheads must appear in many headlines. Kenya, Nigeria, Egypt, and South Africa have dominated the franchise for decades. These four countries are the backbone of Africa’s progress, fame, and potential.
South Africa was among the first African countries to embrace the concept of digital money. Unlike most peers who shunned the idea due to its threatening nature towards traditional financial systems, South Africa took active steps to promote the use of digital assets. In 2022, South Africa became the first African country to recognize crypto as a financial product.One of the main reasons why South Africa has trumped many of its peers within the crypto industry is the collaboration between the government and individual traders. Unlike many, South Africa’s government has encouraged its citizens to dive into blockchain and crypto, stating it is part of technology evolution.
Furthermore, they have sanctioned and constructed 18 Bitcoin ATMs throughout its cities, encouraging digital money adoption. Due to its efforts, South Africa is the birthplace of many crypto-based organizations. Luno, one of the crypto titans, originated in South Africa; its success inspired many innovators to turn to blockchain technology for a solution. In addition, South Africa is currently developing crypto laws and, if successful, will be the first African country to achieve such a feat.
These are a few accomplishments the region has attained and why CoinFlip set its sights on South Africa. With the crypto law nearing completion, CoinFlp has announced its intent on improving and expanding SA’s crypto infrastructure. The organization announced it would expand its latest project, Olliv, into the Southern nation to play an ongoing role in its adoption.
The region holds 7.7 million crypto users, signifying its readily available market. In addition, South Africa only has 18 Bitcoin ATMs, showcasing its need for improvements. The additional Bitcoin ATMs will facilitate and expedite the integration of digital money into day-to-day financial transactions.
CoinFlip will also provide in-person digital ordering services at the locations. The Bitcoin ATMS will also offer an over-the-counter (OTC) digital order desk service reserved for institutional investors and high-net-worth individuals. This will increase the demand for crypto payment services beyond individual needs to executing large corporate crypto transactions.
Need for better crypto infrastructure.
One of traditional payment systems’ main selling points and downfall is their availability. The concept of fiat currency was quickly adopted due to its tangible nature, but this only occurred in select regions. Crypto payment services have proven their ability to interconnect multiple areas on numerous occasions.
Its fast and secure transaction rate has significantly aided its use within Africa, but it can only go far. Currently, less than 10% of African countries have embraced the concept of digital money. Many still believe digital money is a scam waiting to unravel. Installing crypto infrastructure gives a sense of tangibility toward digital money. In addition, it also showcases the government’s support of crypto trading and can be used as a revenue source.
Unfortunately, the vague regulatory environment surrounding cryptocurrency has significantly limited its use. Unfortunately, most African countries either have strict regulators or ban the concept. In addition, due to its limited use, many organizations have opted to increase the transaction fees to attain their profit margin. The rapid expansion of cryptocurrency has resulted in numerous altcoins. In many cases, crypto infrastructure only offers a limited array of altcoins. This limits its useability, causing many to miss out on the opportunity.
The functionality of Bitcoin ATMs is needed, and with the growing gap between the adoption of cryptocurrency and existing laws, the industry will face multiple hurdles ahead. Currently, South Africa is a beacon of inspiration. The collaboration between organizations, its government, and its citizens has placed the region at the top of Africa’s crypto market.