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Press Release: Tuesday, November 30 2021, 13:00 CAT | Source: ChainEx

South African cryptocurrency exchange ChainEX, has announced its recent stablecoin development and listing. The South African cryptocurrency exchange that partnered with globally recognized exchange OKEx in 2020 announced on November 17, 2021 that they have created and listed their own stablecoin; CZAR; a cryptocurrency pegged to the price of the South African Rand.

Following the release of its new instant trade on deposit feature and its decision to allow traders and residents of all countries to access the ZAR markets on the exchange, the South African cryptocurrency exchange also announced its BNB listing on the platform on the 18th of October.

Speaking to Michael Bernardt, head of community at ChainEX, the following was said: “CZAR is a stable coin similar to USDT, except it’s pegged to the South African Rand instead of the US Dollar. The stablecoin can be used to avoid crypto volatility and also to enter the DeFi space! CZAR is unique in that it gives customers the ability to transact with a traditional currency across the blockchain, without the inherent volatility typically associated with a digital currency. You can learn more about CZAR in our blog!”

CZAR is a stablecoin pegged to the South African Rand, backed and built by ChainEX, a secure and reliable cryptocurrency exchange. CZAR is a cryptocurrency built upon the Binance blockchain, that is pegged to the South African Rand, being a “stable” reserve asset. It is designed in this way to reduce volatility relative to unpegged cryptocurrencies like Bitcoin.

ChainEX is a South African Cryptocurrency exchange that offers you as South Africans a platform to buy, sell and trade different cryptocurrencies in exchange for South African rand as the default currency.

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This article is a Press Release received from ChainEX. Global Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.