Super Group Launches Brand-new 'Supercoin' For Betway South Africa Crypto Payments

Multinational wagering business Super Group is taking its ambitions in cryptocurrency a considerable advance through the launch of its own coin in South Africa, a crucial market for the group and especially its Betway brand name.


Unveiled yesterday, Super Group's ZAR Supercoin is a stablecoin pegged to the South African rand. Both the coin and the wallet set up to support it, the Supercoin Wallet, will be managed by a new company division, Super Group SA.


The company eventually desires to allow Supercoin payments to the Betway sportsbook, in doing so using the appeal of cryptocurrencies in South Africa - and possibly in other African markets - and further set its brand out from the competitors.


Super Group's aspirations on both cryptocurrencies and African gaming are nothing brand-new, with the firm detailing earlier this year following the publication of its H1 financial outcomes that it was exploring a link up between the 2 as a method to cut costs.


"The time is ideal for Super Group to move into the digital currency area, with our amazing brand-new Supercoin," said Alinda van Wyk, Super Group Chief Financial Officer.


"We have actually always been at the forefront of tech development in the betting market, and this offering will also benefit the countless consumers who enjoy our brand names in South Africa and in the remainder of the continent."


Preparations for the Supercoin launch have actually been months in the making. To construct a structure, the firm partnered with consumer crypto exchange Lumo and obtained licenses from the Financial Sector Conduct Authority (FCSA), with the objective of making digital wallets readily available in Q1 next year.


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