22seven, a budgeting and investment app backed by Old Mutual, allows users to link and track more than 1 800 cryptocurrencies in rands – a first for South Africa. A growing interest in cryptocurrencies made the move inevitable, according to 22seven’s MD, Jikku Joseph.
The 2018 Old Mutual Savings & Investment Monitor found that 40% of metropolitan South Africans are aware of cryptocurrencies like Bitcoin, with awareness increasing according to income (56% of households earning over R40 000 are aware of cryptocurrency investments).
Having a view of cryptocurrencies in rands will give the app’s users a more complete picture of their money.
“Values will be updated eight times a day with the intention to increase the frequency based on usage,” says Joseph.
He does, however, emphasise that app users should nevertheless consult an accredited financial advisor when it comes to making investment decisions. “Information is power and diversifying your portfolio is a wise choice,” he says. “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.”