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South Africa’s Internet Currency Evolution Cubed (Pty) LTD has set up a bitcoin exchange in the country to help everyone buy, sell or use the bitcoin, a peer to peer digital currency for online transactions.

Founded by Danie Fourie, Gareth Grobler, Michael Parsons FCA and Tristan Winters ICE3X , is part of the “Internet Currency Evolution Cubed” and aims to be a secure crypto-currency exchange platform where one can buy and sell Bitcoin in South African Rand.

On their site, ICE3X say they recognise the high entry cost for South Africans to the bitcoin mining ecosystem, due to ASIC miners, and have decided to include Litecoin into their trading platform in a move to allow South Africans use the more readily available graphics cards to mine Litecoin, which can be traded into Bitcoin and therefore indirectly contribute to the Bitcoin ecosystem.

The Bitcoin ecosysten is open-source peer-to-peer technology operates with no central authority or banks; managing transactions and the issuing of bitcoin is carried out collectively by the network allowing everyone to take part.

The site works simply. You set up an account with ICE3X , at www.ICE3X.co.za and sign-up and wait for an email confirmation. You can then deposit your bitcoins, litecoins or Rands after an administrator has activated your trading facilities. To make a withdrawal from one’sICE3X account one will have to go to their accounts, click on the ‘withdraw’ tab underneath and indicate whether they want to withdraw Bitcoin or Litecoin or Rands. Rands are withdrawn using bank transfer’.