Local fintech launches service to enable crypto holders to exchange Bitcoin for goods and services.
Article by Ventureburn ~ 25 Aug 2021
6DOT50, a fintech startup has launched its Digital Rands Money Vouchers, an innovative solution that aims to transform crypto into a safe and reliable measure of payment for merchants to accept.
Although crypto has not been able to transcend into the stereotypical nature of ‘money’, the fintech’s solution aims to change this narrative.
Warren Venter, Executive at 6DOT50 provides insight into what led to the creation of Digital Rands and the aim of the product offering.
“Our primary objective was to solve the general acceptability problems associated with crypto and to make it as acceptable as cash and bank card payments. By providing an instant conversion of crypto from the consumer into Digital Rands our merchants are able to accept payments from crypto enthusiasts without any of the risks that have prevented merchants from adopting crypto as payment before.”
6DOT50
Founded in 2019, 6DOT50 distinguishes itself as a fintech startup that has digitised fiat money, allowing its users to transfer, hold value and transact without the need for their own bank account. In this sense, the fintech is aiming to revolutionise the current fintech landscape and innovate from the traditional.
According to the fintech, its Digital Rands are accepted as a form of payment in over 40 000 merchants in the country. The fintech startup has created an app dedicated to Digital Rands and is available for free download on iOs and Android devices.
Digital Rands: how does it work?
Users are provided with a free transactional account once they have registered and the account accepts bitcoin, litecoin, ethereum, bitcoin cash and dash as payment to purchasing Digital Rands. These Digital Rands can be used to purchase goods or services at over 40 000 stores and online retailers in the country.
Some of the merchants which accept Digital Rands as a form of payment includes Zapper, QR Code enabled stores and online retailers, all Shoprite Group stores, Cape Union Mart Group and selected Famous Brands Group Outlets.
Digital Rands can also be used to purchase airtime and data products. In addition, users will have access to free instant peer-to-peer payments.