South African digital banking platform eZaga has partnered with global centralised exchange Digital Financial Exchange (DIFX) to launch a multi-asset investment platform.
Known as DoshFX, the new trading platform will serve the African region with over 700 investable assets, including select cryptocurrencies in a simpler, safer, transparent manner.
Since 2014, eZaga has beea leading provider of digital banking services throughout South Africa with innovative tools and services that have enabled people to transform the way they manage finance through the use of mobile technology. Over the years, the African region has seen an influx of various financial applications due to the adoption of technologies like blockchain and crypto. In fact, the recent Chainalysis report found that sub-Saharan Africa was the overall leader in retail crypto transfers, accounting for 80.1% of global regional transactions.
The report’s findings also echo the sentiments of many sub-Saharan African youth who are turning to cryptocurrency to build and preserve their wealth, as opposed to developed markets where cryptocurrency is used as a way to multiply existing wealth. Therefore, to foster this growing industry and digital community, eZaga in partnership with DIFX has actively joined hands together to create DoshFX, a first of its kind multi-asset platform with zero-trading fees on BTC & ETH.
DoshFX aims to increase access to financial services by bringing South Africa and Africa’s unbanked and informal sector into the formal financial services sector, all while improving the rate of adoption of blockchain technologies, traditional asset investments and cryptocurrency trading throughout the continent. To commemorate its launch, the platform hosted its official launch party on 13 December 2022 at Johannesburg, which serves as the operational HQ.
Invited guests, investors and financial experts were given a first look at the the platform which will be available to users on both web and as an application to download from the Google Play Store. Additionally, the platform is fully regulated for investing and complies will all the South African Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements to help detect and prevent money laundering and other forms of corruption.
Regarding the launch, CEO and founder of eZaga, Saud Ally stated that “Despite the challenges faced in the global crypto market this year, Africa as a region has bucked the global bear trend to show an incredible increase in retail trade of day-to-day goods and services with cryptocurrencies. As a result of this positive adoption, we want to offer the DoshFX platform to millions of Africans to invest and trade in real time, transfer money securely, and increase their exposure to global investments”
The partnership also allows for all existing eZaga customers to open a DoshFX account with immediate access to a fully secure & insured custodial wallet with no additional KYC requirements. Furthermore, to cement their roots within the region, DoshFX will have their operating offices in Sandton, Gauteng, wherein the team will be led by Saud Ally as CEO and be comprised of experienced local financial services experts, skilled developers, and dedicated sales and marketing personnel.
Similarly, DIFX CEO and co-founder Jeetu Kataria shared his thoughts on the partnership by stating, “Our primary mission as DIFX is to provide a robust multi-asset platform for our global users so that we can increase the acceptance and adoption of blockchain and crypto in a secure and transparent manner.”
He further stated, “We want to see a world where access to financial services and payments are conducted easily, securely and safely. The creation of DoshFX is an extension of this mission of forging a blockchain future, driven by our commitment to financial inclusion for everyone, especially the unbanked and underbanked majority in Africa,”.
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