Cryptocurrency is exploding on the African continent in every way. According to Cointelegraph’s Joseph Hall, usage in Africa has increased by 2500 percent.
In describing how Africans are using cryptocurrencies and why this type of action is, in some ways, following precedent, Hall quotes someone identified as Nourou, who explains how Africans are using cryptocurrency and why this type of conduct is, in some ways, following precedent:
“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent,” Nourou said. “Africa is a continent where lightning-fast progression and adoption is common.”
Regarding Hall’s reference to the KuCoin Africa crypto report, it’s worth noting that approximately 90% of these transactions involve cross-border money transfers.
Binance, the world’s largest cryptocurrency exchange, is one of the winners in this scenario. Binance’s activities have been banned in the United States, but it is still a popular means to move money in Africa.
And there’s more on the way.
“A huge part of Binance Africa’s 2021 goals is to spread crypto education and adoption across Africa,” writes a Binance spokesperson on Jan. 20. “This journey started in 2020 where we successfully educated over 70,000 Africans about crypto fundamentals, practical tutorials on how to set up an account – and buy & sell crypto, technical analysis, and crypto trading. We are kicking (sic) this year with a Masterclass that aims to equip up to 1000 African blockchain developers with the right tools and skills to build their first DApps on the Binance Smart Chain (BSC) network. All within the first quarter of 2021.”
In the case of Nourou, his backstory is detailed in a syndicated piece titled “One man’s odyssey to orange-pill a nation.”
“Following an eight-year stint in France, during which Nourou earned his Masters degree, Bitcoin Chaincode qualifications, and a deep understanding of legacy financial markets thanks to work in investment finance, he was primed to orange-pill Senegal,” writes an anonymous author. “He returned to his home country disheartened to learn that Coinmap (a website showing Bitcoin vendors and merchants around the world), had zero locations in Senegal. That’s despite singer and influencer Akon’s plans to set up a crypto-style Akon City…. Passionate about Bitcoin … the 29-year-old was inspired to try a similar thing in his hometown.”
As they say, the rest is history.
Don’t forget about the African market while making your crypto bets, and how companies like Binance will fare there.