Spend Your Crypto in the Real World with the New ChainEX Spend Wallet
Cryptocurrency has always offered a new way to store and transfer value. Now, ChainEX customers have a practical new way to use that value in everyday life.
We have partnered with South African transactional voucher wallet platform 6DOT50 to launch the ChainEX Spend Wallet.
The new wallet allows eligible ChainEX customers to convert supported cryptocurrencies into Digital Rand voucher value, which can be spent across thousands of participating merchants in the 6DOT50 network. It makes ChainEX the first South African cryptocurrency exchange to launch an exchange-branded wallet using 6DOT50's infrastructure.
From crypto to everyday spending
Until now, using cryptocurrency for everyday purchases has often been complicated. Most merchants do not accept cryptocurrency directly, and customers usually need to sell their crypto, withdraw rand to a bank account, and then make payment.
The ChainEX Spend Wallet simplifies this process.
Customers can fund their Spend Wallet using supported cryptocurrencies available through ChainEX. The cryptocurrency is converted into Digital Rand voucher value and made available in the wallet for spending at participating merchants.
This gives customers a convenient way to access the value of their cryptocurrency without expecting merchants to accept, hold, or manage crypto assets.
How it works
Using the ChainEX Spend Wallet is straightforward:
- Sign in to your ChainEX account using the ChainEX Mobile app.
- Go to your ChainEX ZAR Wallet, or choose PAY with DZAR.
- Choose a supported cryptocurrency and the amount you want to use.
- Confirm the conversion into Digital Rand voucher value.
- Use your available wallet balance at participating merchants in the 6DOT50 network.
Applicable rates, fees, and the final wallet value will be displayed before you confirm any transaction.
Note: Digital Rands held in the Spend Wallet are voucher-based digital value. They are not cryptocurrency, a stablecoin, or money held in a bank account.
Merchants do not need to handle cryptocurrency
One of the key benefits of the partnership is that participating merchants do not need to integrate with a blockchain or accept cryptocurrency directly.
6DOT50 provides the underlying voucher wallet infrastructure, voucher issuance, transaction management, redemption capabilities, and merchant acceptance network. ChainEX customers get a branded spending experience, while merchants continue receiving settlement through established payment and settlement arrangements.
This connects the crypto economy with existing South African commerce in a practical and accessible way.
Why ChainEX built the Spend Wallet
Our goal has always been to make digital assets more accessible and useful to South Africans.
ChainEX already enables customers to buy, sell, and hold a wide range of crypto assets using South African rand. The Spend Wallet takes the next step by giving customers an additional way to access and use the value of their holdings.
Instead of cryptocurrency only being something you trade or hold, it can now help fund real-world purchases through an established national merchant network.
The integration also allows ChainEX to introduce this functionality without trying to build an entirely new payment and merchant settlement ecosystem from scratch. By working with 6DOT50, we can focus on delivering the best possible exchange experience while giving our customers access to proven voucher wallet infrastructure.
Built through a South African partnership
ChainEX is proudly South African-built and locally owned. Partnering with another South African fintech business allows us to develop solutions specifically suited to our market.
6DOT50's infrastructure already supports voucher-based payments, digital value distribution, and cryptocurrency-funded transactions. Its network has also recently been used to facilitate cryptocurrency-funded vehicle purchases across participating Super Group dealerships. Cryptocurrency-related transaction activity facilitated through the 6DOT50 platform has now exceeded R50 million.
This partnership brings that infrastructure directly into the ChainEX customer experience.
Ready to use your crypto differently?
The ChainEX Spend Wallet gives customers more freedom in how they use the value of their cryptocurrency — whether they choose to trade it, hold it, or convert a portion into spendable digital voucher value.
Don't have a ChainEX account yet? Create your ChainEX account
Important information
The ChainEX Spend Wallet is subject to eligibility requirements, supported asset availability, and the applicable terms and conditions of ChainEX and 6DOT50.
Converting or disposing of cryptocurrency may have tax consequences. Customers should obtain independent tax advice relevant to their circumstances.
Cryptocurrency assets are volatile and may result in the loss of capital. Nothing in this article constitutes financial, investment, legal, or tax advice.
ChainEX (Pty) Ltd is a licensed financial services provider, FSP number 53799.