CAPE TOWN – Virtual Crypto Technologies announced this week that it had signed an exclusive distribution agreement with a third-party company, Virtual Crypto SA, to begin selling Virtual Crypto’s products in Southern Africa.
The developer of innovative software and hardware for cryptocurrency via point-of-sales systems, ATMs, tablets, PCs and mobile devices, said in a statement released on Wednesday that the agreement would generate immediate revenue for Virtual Crypto.
Virtual Crypto Technologies chief executive Alon Dayan said cryptocurrency was increasingly popular in the Southern African region, which was a strong emerging market. “Cryptocurrency provides investors and businesses with an opportunity to diversify their portfolio.”
The use of cryptocurrency is evidently gaining traction in Africa with Pretoria brothers, Neil and Tony Ferreira also hopping on the bandwagon recently by launching Safcoin, a cryptocurrency aimed at the African market.
Cryptocurrency enthusiasts also expect its value to grow further after BlackRock, the largest asset management firm in the world with a total value of about $6.3 trillion (R91.6trln), recently showed interested in Bitcoin that spiked the price of Bitcoin shortly afterward.