Cryptocurrency

South Africa’s crypto exchange ChainEX launches its own stablecoin, CZAR

ChainEX, a South Africa crypto exchange has announced its own stablecoin and listing, CZAR – which is pegged on the South African Rand and is fully built by ChainEx on its binance blockchain. As a “stable” reserve asset reducing volatility experienced by unpegged cryptocurrencies like Bitcoin.

First was the release of the new instant trade on deposit feature and further decision to allow traders and residents from any countries to access the ZAR markets. ChainEx had further announced a B2B listing on its platform.

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In 2020, the cryptocurrency exchange partnered with globally recognized exchange OKEx. This followed the release of its new instant trade on deposit feature and the further decision to allow traders and residents of a country to access South African markets on the exchange. This South Africa cryptocurrency exchange has further announced a BNB listing on the 18th of October.

In the statement, The Head of Community at ChainEx Michael Bernardt described CZAR as a “stable coin similar to USDT and pegged on the South African Rand rather than the US dollar. Stablecoins help avoid crypto volatility and as a bridge to enter the DeFi space. CZAR allows customers to transact with traditional currencies on the blockchain.

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