Crypto & Fiat Settlements in Africa: The Quidax Experience

For businesses looking to expand into Africa, navigating the financial landscape and thinking of cross-border payments and settlements can seem daunting. This is a major concern for businesses looking to break into the African market.

Businesses are posed with challenges such as restrictive banking systems, currency volatility, and regulatory uncertainty. These challenges can hinder business operations and discourage potential investors. It has become necessary to find an alternative and in recent years, cryptocurrency has been adopted by many businesses.

By leveraging cryptocurrency, particularly stablecoins, businesses can enjoy seamless cross border payments and mitigate risks associated with currency fluctuations.

Africa’s population is projected to reach 1.7 billion by 2030, making it the second most populous continent. As such, it is increasingly being recognized as a significant market for global businesses and many are expanding their operations to the continent.

Cryptocurrency has become a viable alternative and having reliable crypto exchange partners like Quidax enables businesses to simplify their settlements.

It is not uncommon for businesses to also have concerns about cryptocurrency particularly around their price volatility. However, stablecoins offer a solution to this. Stablecoins are cryptocurrencies that are pegged to a stable asset such as a fiat currency. They enable borderless, transparent and secure transactions, because of their underlying technology, blockchain.

By using stablecoins like Tether (USDT) or USD Coin (USDC), businesses can mitigate risks associated with fluctuating exchange rates.

Stablecoins offer other benefits as:

1. Lower Transaction Costs
2. A safer option to store funds in the crypto ecosystem
3. Seamless Transactions
4. More control of funds at any time.

As digital innovation continues to be adopted in Africa and globally, cryptocurrency offers an opportunity for businesses to grow in this rapidly evolving market.

Over-The-Counter (OTC) trading is an emerging sector in Africa’s financial markets. It involves the direct buying and selling (or exchange) of digital currencies between two parties.

Quidax’s OTC Desk offers a seamless business payment experience, enabling customers to trade more than $100,000 in and out of Africa and settle in fiat or USDT.

With just three simple steps to access the OTC Desk service, the OTC Desk is revolutionising cross-border payments in Africa. Clients book a call with one of the company’s representatives, complete a quick and simple onboarding process, trade and get settled directly into your wallet or local currency bank account.

Quidax’s robust compliance framework ensures each transaction is safe, secure and follows all laid down regulations. At the centre of its compliance framework is its simple, yet thorough KYC/KYB process. Regardless of the sector of business, Quidax upholds the highest standards and best practices.

As Quidax continues to expand its operations across Africa, it remains committed to supporting global businesses in Africa through its innovative solutions. The company’s commitment to providing excellent trading solutions is evident in its growing client base and operations in new markets.

Are you a global business looking to expand into Africa? Get in touch by clicking here.

otc.quidax.com