WAXEX Fiat Gateways: Exchanging South African rand into Rand (ZAR) Token and Back
Today in Waves Lab blog we would like to introduce you to Monika, the founder of the Waves gateway in South Africa. Waves African Exchange PTY Ltd demonstrates that there are no geographical boundaries and that cryptocurrency markets flourish all over the globe. This is why we consider it important for the Waves Lab community to know this case. So, let’s turn it over to Monika:
Introduction
My name is Monika Van Zyl and I am the founder and CEO of Waves African Exchange PTY Ltd, a registered company in South Africa. Today I will be discussing the launch of our first Fiat gateway platform for Waves, specifically targeted the South African Market.
When I was first introduced to the Waves Platform I was extremely excited to see what they had to offer and the massive economic potential it could unleash. Especially within the developing world.
South Africa is known for its high interest in the crypto markets. This interest is stimulated by its unique economic and political climate, a history of extraordinarily high banking fees in comparison to other markets and a massive unbanked population.
I believe the Waves Platform represents everything that everyday users are looking for in blockchain platform; a decentralized, fast, easy to use, cheap, and useful tool to reshape the global economy.
My ultimate goal is to bring this promise to Africa, empower its people and challenge the status quo. I want to stimulate entrepreneurs and give them the tools to bring their personal vision to life.
Unfortunately, the current gateway services to the Waves Platform is not able to provide access in an affordable way to the African market in its current form.
Without accessible and affordable gateways to this remarkable platform, blockchain remains a dream for most of Africa as there is no easy way to transition from the old world to the new. My goal is to change this and make the dream a reality.
Beyond the South Africa market
Our existing banking partner provides us immediate access to 7 other African nations, namely; Zambia, Tanzania, Mozambique, Botswana, Lesotho, Swaziland, Namibia. It is our intention to expand to these areas first, but ultimately we would like to service the entire African continent.
Existing Crypto markets in South Africa
Currently, there are a small handful of centralised exchanges operating within South Africa. They are mostly focused on Bitcoin and Ethereum with limited trading options available.
Waves African Exchange PTY Ltd aims to give all Africans the power of truly decentralized systems, leaving them in full control of their own funds by providing a simple, safe and secure bridge between native fiat currencies and Waves DEX. And of course, by facilitating this we open the power of Waves NG and custom token creation directly to Africans without having to go through costly intermediaries.
Partnership with Civic Technologies
Waves African Exchange PTY Ltd has partnered with Civic Technologies, who provides us with reusable and secure KYC services. This allows us to minimize risks associated with sensitive customer data and gives our end users an extra layer of security and peace of mind.
You can read more about this partnership at the following link:
Waves African Exchange Pty Ltd Partners with Civic Technologies for KYC Verification
WAXEX Beta Gateway
The WAXEX Rand (ZAR) Beta gateway was activated for a controlled public testing round for a 100 user accounts on 21 June 2018.
The gateway is restricted to South African citizens, 18 years and older, who are required to sign up and log in using the CIVIC APP. Verification and attestations are done live and creating a new account only takes a few minutes.
Rand(ZAR) token information:
The official fiat token for the Rand (ZAR) gateway is:
Name: Rand
Ticker: ZAR
Issuer: 3PAwKvVxVgFf9jdGvTquG8ZgcHu4dDyKwoL
ID: FGiL1zJyRZhUmjhsq6oB3kurfTfeX4szXrqFymKW42oP
Type: Reissuable
Issue date: 03.05.2018 10:57
Description: Official Rand token for the WAXEX ZAR Gateway
You can view a step by step tutorial on the signup process at the following link:
Creating a waxex gateway account
Once your deposit has been processed you will be notified via email.
Deposits are processed 3 times a day: 10 am, 12:30 pm and 16 pm South Africa time. If your bank deposit has reflected in our bank account before those cut of times, your deposit will be processed, otherwise, it will be processed on the following cycle.
Once your deposit has been processed your account will be marked as active and you will be able to make a withdrawal from your account with a limit of R50 000.00. These limits may increase in future once we are out of the Beta phase.
To make a withdraw to your linked bank account, you simply have to send tokens to the gateway wallet.
All transactions sent to the gateway will be cross-referenced with our user database. If the sender wallet is an active account and you have sent the correct token, your transaction will be added to the next payment batch.
You will receive a notification via email to confirm that we have received your withdraw request, with information about the specific withdraw transaction and the related fees.
Withdraw cut off times are 9 am, 11:30 pm and 15 pm South Africa time daily.
Withdraw and deposit transactions may take up to 48 hours to reflect, depending on your bank account confirmation times.
Fees
There are no deposit fees, and a 3% withdraw fee.
Minimum and maximum deposits
Transactions below R10.00 will not be processed.
The maximum deposit and withdraw amount is R50 000.00. Deposits or withdrawals above this amount may be subject to additional delays and penalties.
Service and help desk
All issues related to the CIVIC app, accessibility to the gateway and KYC verification processes will be referred to CIVIC Technologies support desk.
You can view all support related topics for CIVIC at the following link: Civic Help Center
All issues related to deposits and withdrawals and resetting your account will be handled by Waves African Exchange PTY Ltd Support team.
Support articles and information can be found at the following link: WAXEX Help Center
WAXEX rewards token
WAXEX is the official token of the Waves African Exchange. It is a digital token on the Waves Platform Blockchain.
Issuer: 3PE7zbwp6B3H6AFg4XteMtoJWwakfh6BNAW
Identifier : 8LLpj6yQLUu37KUt3rVo1S69j2gWMbgbM6qqgt2ac1Vb
Name : WAXEX
Details: Waves African Exchange Pty Ltd Africa’s Digital Gateway https://waxex.africa/
Total tokens: 100000000.000000
Reissuable: No
Issue date: 08.01.2018 02:18
The WAEX token was created for two reasons: to kick-start the development of the various planned gateways and secondly: to serve as a customer loyalty rewards token within the WAXEX ecosystem.
The development of additional WAXEX gateways for other regions will be implemented via a voting mechanism, utilizing the WAXEX token.
To find out how the voting process works, please visit this link: Gateways
WAXEX Rewards
Existing reward and loyalty programs are proven market drivers. However, they tend to be the playground of the big corporate players who can afford the costs required to manage them from the technical infrastructure to support systems.
We plan on harnessing the full potential of Waves NG and smart contracts to penetrate this market an revolutionise the way rewards platforms function within the market and the African economy.
Waves African Exchange has partnered with various local companies and the token can be redeemed for a wide range of products and services on our website, including South African wines, coffee, electronic goods, books and services to name a few.
You can view the range of products and services currently available at this link: Waxex Rewards
As we continue to develop the gateway ecosystem, we will add plenty more utilities to the token, and increase the benefits of holding the token. Some of the planned features include customisable notification subscriptions and premium account benefits and discounts with our various rewards partners.
One of the noteworthy benefits of holding at least 100 WAXEX tokens, is our weekly airdrops of WAXEX tokens or partner tokens, proportional to the number of tokens you hold. You will receive an approximate 1% of your balance over a yearly period in the form of an airdrop.
You can also earn WAXEX tokens by leasing to our node: Alias: waxex-node
If you wish to know more about our project, feel free to visit our website: waxex.africa, or join us on our Telegram group and Twitter news feeds. You can also join the various discussions in our Discord server or on the Waves Community Forum.
Twitter
Telegram group
Telegram news channel
Discord
Waves Community Forum