Luno, a global cryptocurrency company, operating across Africa, Oceania, the US & Europe, has announced a partnership with Zapper, increasing the number of Merchants facilitating crypto payments.
The partnership will enable customers in South Africa, to transact using crypto at over 31,000 merchants nationwide, using the Luno Pay app wherever Zapper QR codes are offered as a payment method at merchant points of sale or online.
This strategic partnership, marks a significant expansion of Luno Pay, bringing the ease and convenience of crypto transactions that were previously available at Pick n Pay to a wide range of businesses, including major retailers, like fuel stations, educational institutions, and parking facilities, amongst others.
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Speaking on the partnership, Tarris Arnold, Luno’s Business Development Manager said,
“We are thrilled to be the first crypto asset service provider in South Africa to collaborate with Zapper. This partnership enables our customers to use the Luno app to pay seamlessly wherever Zapper QR codes are accepted. Currently, the biggest use case for crypto in South Africa is investment, but the ability to pay at such a wide variety of merchants using crypto is a giant step closer to the original vision of using crypto to pay for goods and services.”
Also speaking, Zapper CEO Mike Bryer said that the partnership forms part of Zapper’s mission to help merchants grow their businesses, highlighting that the partnership will help it extend its payments ecosystem to add over five million more South African users.
With this integration, Luno users can now enjoy the simplicity of paying with crypto at a diverse array of businesses, further enhancing the accessibility and utility of digital currencies in everyday transactions across the country.
A chainalysis report published in October 2024, revealed that as Africa’s largest economy, South Africa has established itself as one of the continent’s largest cryptocurrency markets, receiving approximately $26 billion in value over the past year. Beginning in late 2023, stablecoins have experienced sustained growth in South Africa’s local exchanges, with over 50% month over month in October 2023.
Given the increased use of cryptocurrency in South Africa, the partnership between Luno and Zapper signals a broader shift toward digital financial solutions.
Here’s how this growing trend could impact the country:
1. Economic Growth and Innovation: The adoption of crypto can drive innovation in South Africa’s financial sector, encouraging the development of fintech startups and crypto-based solutions that could enhance the country’s position as a tech hub in Africa.
2. Empowerment of the Unbanked: With a significant portion of the population still unbanked or underbaked, crypto provides an alternative to traditional banking systems. This can empower individuals who don’t have access to banks but have mobile devices, offering them access to financial services and economic participation.
3. Increased Financial Literacy: As more South Africans use crypto for daily transactions, financial literacy is expected to rise, People will become more familiar with concepts like digital assets, blockchain technology, and decentralized finance, potentially fostering a more financially informed population.
While stablecoin use is expanding rapidly across Africa, the regulatory landscape is progressively evolving. Recall that in South Africa, the Financial Sector Conduct Authority (FSCA) has provided regulatory clarity by classifying crypto assets as financial products.
The FSCA’s decision to regulate crypto assets under existing financial laws has been a major catalyst for the market’s growth. This has provided much-needed clarity for both businesses and investors, enabling licensed companies to grow responsibly and encouraging FIs to explore crypto services.
Solana Projects Raised over $170M in Q3 2024
The blockchain industry continues to thrive, and Solana’s ecosystem is no exception. In the third quarter of 2024, projects built on Solana have raised over $170 million, showcasing the growing investor confidence in the platform’s capabilities and the broader crypto market’s potential.
Solana, known for its high throughput and low transaction costs, has become a hub for innovation, attracting a wide range of decentralized applications (dApps). This influx of capital is a testament to the platform’s robustness and the developers’ commitment to building scalable and user-friendly applications.
The fundraising success of Solana projects aligns with the broader market sentiment, which, despite bearish trends, anticipates a stronger performance in the last quarter of the year. Bitcoin’s dominance has risen to its highest since April 2021, and the stablecoin market cap has hit an all-time high, indicating a massive amount of liquid capital waiting to be deployed.
some notable Solana projects that are making waves in the industry:
Decentralized Exchanges (DEXs): Projects like Jupiter, Orca, and Drift are revolutionizing the way we think about trading in the decentralized space. Jupiter, for instance, is building a decentralized replacement for centralized exchanges, offering a DEX aggregator to ensure users get the best price offers.
Lending Protocols: Platforms such as Solend, Marginfi, and Kamino are at the forefront of decentralized finance, providing innovative lending solutions that leverage Solana’s high-speed and low-cost transactions.
Staking Protocols: Marinade Finance and Jito are redefining staking on the blockchain, offering users a way to earn rewards while contributing to the network’s security.
NFTs: The non-fungible token space on Solana is vibrant, with projects like Mad Lads and Tensorians creating unique digital collectibles and experiences.
Decentralized Physical Infrastructure Networks (DePIN): Helium and Render Network are utilizing Solana’s infrastructure to enhance their decentralized networks, with Helium focusing on IoT connectivity and Render Network on GPU rendering.
These projects are just the tip of the iceberg when it comes to the innovation happening on Solana. With over 125 protocols in its ecosystem, Solana is executing an average of 100 million transactions daily, indicating a robust and active network that’s ripe for both users and developers. The future looks promising for Solana, as it continues to attract new projects and investments, pushing the boundaries of what’s possible in the blockchain space.
Moreover, price predictions for Solana’s native token, SOL, are optimistic, with analysts projecting it could break the $300 mark before 2025. This is supported by the technical indicators and the platform’s significant growth in dApps, which has seen a 110% increase in SOL’s price within the last quarter of 2024.
The digital asset market is witnessing a shift, with Bitcoin and Solana leading the year-to-date performance. Solana’s growth trajectory, coupled with the substantial funds raised, positions it as a key player in the crypto space, potentially setting the stage for a new era of blockchain technology and its applications.
As we move forward, the focus on innovation, user experience, and scalability will likely continue to drive investment into blockchain projects. Solana’s recent achievements are just the beginning, and the future looks bright for those invested in the ecosystem’s development and success. The next few months will be crucial in determining whether this momentum can be sustained and what new opportunities will arise from these advancements in the blockchain domain.