Users of Old Mutual’s money management app, 22seven, are now able to link and track more than 1,800 cryptocurrencies in rands.<\/p>\n
Jikku Joseph, MD at 22seven, said the popularity and growing interest in cryptocurrencies made the update inevitable.<\/p>\n
“We\u2019re focused on enabling our users to see all their money in one place so they can make informed choices.<\/p>\n
“Helping 22seven users to link their cryptocurrency holdings is a major step toward this goal, especially as South Africans are increasingly exposed to cryptocurrencies and are starting to warm up to the possibilities of the blockchain,” he said.<\/p>\n
The 2018 Old Mutual Savings & Investment Monitor found that while the prevalence of cryptocurrency investments was limited to a handful of respondents, 40% of metropolitan South Africans surveyed were aware of cryptocurrencies like Bitcoin.<\/p>\n
Awareness increased with income, peaking at 56% of households earning over R40,000.<\/p>\n
Joseph said that having a view of your cryptocurrencies in rands in relation to the rest of your financial holdings would give users a more complete picture of their money.<\/p>\n
“Of those aware of cryptocurrencies, 70% believe that you can make a large amount of money by investing in them, which makes it essential to have a clear view of the value and the volatility of these currencies over time.<\/p>\n
“22seven is using popular cryptocurrency site CoinMarketCap to source the latest cryptocurrency prices. Values will be updated eight times a day with the intention to increase the frequency based on usage,” said Joseph.<\/p>\n