Olliv, a cryptocurrency company and a subsidiary of Coinflip, a Chicago-based fintech company, has expanded its offerings to South Africa by installing nine cryptocurrency kiosks across the KwaZulu-Natal and Gauteng provinces of the country.
- The crypto kiosks are physical machines that allow users to exchange cryptocurrency for fiat currency or other cryptocurrencies.
- Olliv’s crypto kiosks also offer complimentary over-the-counter (OTC) digital order services, a feature that allows for larger crypto orders and transactions.
- The OTC digital order services aim to cater to institutional investors and high-net-worth individuals needing to complete more significant transactions or personalized services.
- Expanding to South Africa is expected to contribute to the growing adoption of cryptocurrencies in the region and help integrate digital currencies into everyday transactions.
- It is unclear how Olliv by Coinflip intends to guarantee the security and regulatory compliance of its cryptocurrency kiosks in South Africa.
- Mariblock reached out to the company for comments but got no response at the time of writing.
- The South African Financial Sector Conduct Authority (FSCA) earlier mandated that all cryptocurrency exchanges in South Africa obtain a license by the end of the year.
- The commission warned that defaulters will face enforcement actions, which include fines or closure of such firms.
- Olliv by Coinflip operates about 4,500 cryptocurrency kiosks globally and has expanded into other countries like Canada, Australia, New Zealand, Italy, Panama, and Brazil.