Cryptocurrency platform Easy Crypto wanted to offer their customers in South Africa a more intuitive way to engage with cryptocurrencies, empowering them to make timed purchases at the perfect moment. They partnered with Stitch and integrated LinkPay, allowing their customers to fund their wallets in just one click.
Problem: Easycrypto.com (Easy Crypto) customers in South Africa relied on manual bank transfers to fund their wallets from fiat accounts before they could buy cryptocurrency. This meant they had to wait for funds to clear, resulting in longer wait times in an industry where timing is critical.
Stitch solution: Easy Crypto integrated Stitch LinkPay to enable South Africans to link their fiat accounts to the Easy Crypto platform and fund their wallets via Instant EFT with the click of a button.
Result: Now, Easy Crypto customers can make secure, instant deposits at any time, and use market movements to their advantage by making timed purchases at the perfect moment – even on weekends.
Easycrypto.com was born from a desire to make it easy, safe and simple for anyone to interact with the digital asset space. It launched at the end of the 2017 bull run when demand for cryptocurrencies was high but existing platforms were too complex for the average consumer to interact with.
Founders Janine and Alan Grainger set out to bridge the gap between the two financial worlds, with ease of use, security and safety top of mind. With backgrounds in banking and IT, along with a passion for crafting highly valuable products, the pair created the Easy Crypto site in just a weekend, ready to serve a hungry New Zealand market.
Years later, Easy Crypto remains one of the top platforms for New Zealanders to buy cryptocurrency, and the brand has expanded globally to serve hundreds of thousands of customers in multiple key markets, including Brazil, Australia and South Africa.
According to Easy Crypto Head of Emerging Markets, Lloyd Brown, “We want to offer the widest possible range of cryptocurrencies to our customers. We curate these cryptocurrencies to ensure our customers are as safe as possible from a compliance perspective.”
Brown sees the value in many emerging use cases for crypto, and DeFi applications in particular: “What’s really interesting is that DeFi opens up such a large opportunity, especially for people in developing countries, to start to earn some money using digital assets. One of the key tenets of Easy Crypto is the easy piece - we want to make it very simple for our customers to do a number of things in the DeFi space, including play-to-earn, earning returns, etc.”
Launching a cryptocurrency business comes with a unique set of challenges, many of which can be exacerbated in African markets, where regulatory and financial landscapes often remain a barrier. No one understands this better than Brown, who brings experience trading commodities across Africa to help the Easy Crypto team tackle many of these hurdles across emerging markets.
One particular challenge revolves around easy and secure movement of money into and out of exchanges like Easy Crypto. Known as fiat on-ramps and off-ramps, these mechanisms enable digital asset holders to buy cryptocurrencies, or to cash out back into their fiat accounts. It’s incredibly important for this process to be as simple and easy as possible to encourage newcomers to the space and facilitate the everyday utility of crypto. However, many existing methods can be clunky and typically face long settlement times - which can have a massive impact in a space where timing is critical.
In order to fund their Easy Crypto wallets, South African customers previously relied on manual transfers, creating a less-than-optimal user experience that resulted in long settlement times - sometimes upwards of two days - which impacted retention. Brown told us:
“Prior to Stitch, it was really difficult when it came to retention. It was a pain having to enter all the account details, reference numbers, etc. Stitch has made such an impact.”
“The payments process is fundamental to retaining customers. Prior to integrating with Stitch, this was a huge challenge for us because of how hard it was for customers to set up a payment. They had to perform a manual bank transfer and ensure they included the correct reference number, which was often not the case,” Brown said.
“Stitch LinkPay made it so simple and easy because customers can pay with just a click of a button. Stitch rocketed to becoming our number one payment processor within the first week of integration.”
The Easy Crypto team integrated Stitch LinkPay to offer their customers a fast, seamless and secure way to buy crypto. Now they can choose to link a fiat account to the Easy Crypto platform and make a deposit every time, in one click. No need to wait days for funds to settle, and no need to enter multiple reference details.
At Stitch, we pride ourselves on the strong relationships we build with our clients and our dedication to ensuring the integration process is as effective and easy as possible.
Brown highlighted this relationship as one of the reasons they’ve enjoyed working with Stitch: “Integrating with payment partners is incredibly challenging, but Stitch has been the easiest payments rail we’ve implemented in Africa to date. It didn’t take much for our developers to integrate the Stitch API because of the clear, well-written documentation, as well as the Stitch team’s professionalism and ongoing commitment to serving their clients."
"Stitch has been the best counterparty we’ve ever dealt with in our African operations.”
While there’s still a lot of work to be done when it comes to making the entire crypto industry more accessible and easy to engage with, simply buying cryptocurrency shouldn’t be filled with friction and complicated steps. Brown indicates the necessity for crypto businesses to enable simple, secure payments as an integral part of providing a seamless customer experience.
Apart from building a custodial wallet solution, which will enable Easy Crypto customers to safely store their digital assets on an Easy Crypto app, the team's long-term focus centres on leveraging newer developments in the space to offer a suite of DeFi products, like staking and lending that are currently too complex for the average individual to safely interact with.
At the heart of all its endeavours, Easy Crypto continues to strive for ease of use, safety and security.