Online betting and gaming operator Super Group is entering the digital currency space with the launch of its new stable digital currency, the ZAR Supercoin.
Purpose-built for South Africa and the wider African market, ZAR Supercoin will operate under a new division of the Super Group business, Super Money SA.
Supercoin will eventually be used as a payment option for customers using Super Group’s sportsbook brand Betway, with customers also benefiting from initiatives exclusive to Supercoin users.
“The time is right for Super Group to move into the digital currency space, with our exciting new Supercoin,” said Super Group chief financial officer Alinda van Wyk. “We have always been at the forefront of tech advancement in the gambling industry, and this offering will also benefit the millions of customers who enjoy our brands in South Africa and in the rest of the continent.
“The launch of Supercoin will position us for continued success, as alternative payment methods and digital asset frameworks become more integrated into the regulated gaming ecosystem. This also underscores our commitment to innovation and the use of advanced technology to position Super Group for sustained growth.”
Supercoin will be listed on Luno and made available to customers in South Africa.
Luno is a leading regulated cryptocurrency exchange with operations in Nigeria, Kenya, Malaysia, and Indonesia. As Supercoin gains traction, it will be listed on additional international exchanges.
Custody of ZAR Supercoin fiat currency backing reserves will be held by South African bank, ABSA Group.
Shares in Super Group Ltd (NYSE:SGHC) closed 3.37 per cent lower at $12.30 per share in New York Thursday.