Users of money management app 22seven are now able to link and track more than 1 800 cryptocurrencies in rands, via the app, a first for South Africa.
In line with its aim of showing all their money in one place, 22seven now enables users to link their cryptocurrency holdings, track and monitor the value of their coins, in rands.
Jikku Joseph, MD of 22seven, says the popularity and growing interest in cryptocurrencies made the update inevitable.
“We’re focused on enabling our users to see all their money in one place so they can make informed choices. 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 says.
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. Awareness increased with income, peaking at 56% of households earning over R40 000.
Joseph says 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.
“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. 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,” says Joseph.
Joseph cautions that, while investing is a personal choice, it’s always a good idea to consult with a seasoned financial adviser when it comes to where you put your money.
“Information is power and diversifying your portfolio is a wise choice. 22seven allows you to keep track of your diversified holdings across multiple asset classes and financial providers, all in one place. If you’re unsure about your investment strategy, get proper financial advice.”