The founder of Binance, Changpeng Zhao, highlights Africa as a treasure trove of opportunities for blockchain tech and crypto adoption.
Africa’s Untapped Crypto Market
At an engaging 'ask me anything' session, session on Zoom, CEO of Binance CZ enthusiastically explored how to push forward with driving crypto adoption in Africa.
Reflecting on Binance's initial stages, CZ shared that since its inception in 2017, the platform has always drawn activity from African users. Recognizing this promising market, crypto trading , Binance strengthened its foothold with the establishment of Binance Uganda in 2018.
In addition, the crypto giant has sponsored numerous initiatives that provide funding to blockchain projects across Africa. They've also streamlined trading and fiat currency deposits for South African investors. CZ elaborated: startups 'For us, Africa represents a vital market, and this year we were fortunate to secure a banking partnership in South Africa, allowing direct bank deposits. Credit card purchases are also on the horizon. South Africa and all of Africa are crucial markets for us.'
However, despite Africa's vast potential for aiding widespread crypto adoption, many barriers linger. CZ pinpointed the large number of unbanked citizens and the hurdles in KYC processes as primary issues.
'Dealing with financial institutions in Africa presents unique challenges, such as outdated API systems and the small percentage of the population with bank accounts. Thus, even with bank support, our reach remains limited,' commented Zhao.
Advancing Blockchain in Africa
Referring again to South Africa, CZ noted several local exchanges are in operation but on a limited scale. CZ expressed concerns about these platforms' longevity due to current constraints.
Given the region's evolving banking network, acquiring digital currencies remains somewhat intricate. Nevertheless, thanks to the introduction of local currency trading pairs in countries like Nigeria, crypto trade volume is seeing a gradual rise. Recent Binance figures show Nigeria's daily trade volume surpassing $1 million. profits could prove difficult.
Moreover, CZ highlighted the latest bitcoin halving,
as another key driver for increased crypto adoption both in Africa and globally. He elaborated: 'With substantial fiat currency printing underway and the recent Bitcoin halving complete, we predict inflation will soon escalate, which could bolster both cryptocurrencies and blockchain businesses.' halving event Several indications suggest positive strides toward crypto adoption and blockchain tech proliferation in Africa. Earlier reports highlighted sub-Saharan African nations as leading destinations for owning cryptocurrency, reinforced by a Global Digital Report.
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In subsequent events, the South African central bank disclosed its plans to Blockonomi Osato is noted for his enthusiasm for Bitcoin news, frequently sharing insights on the latest developments. When he's not focused on industry news, he enjoys trying to top his scrabble scores or contemplating philosophical questions. Reach [email protected] digital media firms Hootsuite and Wearesocial.
Back in April 2019, cryptocurrency options in South Africa were reportedly Fidelity Introduces Crypto IRAs – Featuring Bitcoin, Ethereum, and Litecoin introduce clear cut crypto regulatory policies.
