Binance has been on an ever-expanding spree recently. The crypto exchange platform is now in talks with Nigerian authorities to establish a digital economic zone that will help entrepreneurs fast-track blockchain technology in the West African nation.
The partnership aims to build a digital hub, similar to the Dubai virtual free zone according to a statement released by the Nigeria Export Processing Zones Authority.
In addition to opening offices in multiple localities, Binance has been assisting Governments in making progress in the crypto and blockchain industries. Busan, South Korea, has recently been added to the list and now Nigeria is joining.
Lately, Nigeria has been focusing on digital technology to help diversify its economy away from crude oil and take advantage of an increasingly connected and youthful population. Fintech startups such as Interswitch Ltd and Flutterwave Inc have emerged in the space and achieved billion-dollar-plus valuations.
Nigeria has also been reacting quite positively towards cryptocurrencies in general. In terms of adopting Bitcoin, Nigeria has made significant progress. It is one of the remarkable African crypto markets with the fastest growth with a peer-to-peer Bitcoin trading volume exceeding $1 billion between January 2022 and June 2022.
In addition, data from Paxful, a P2P cryptocurrency exchange platform, showed that Nigeria was among Paxful’s most important markets globally when the country’s trade volume in the first half of 2022 ($400 million) was added to that of 2021 ($760 million).
The Nigeria Stock Exchange (NGX) Ltd. has also disclosed its plans to introduce a blockchain-enabled exchange platform next year in an effort to increase investment in its regional economy.
Clearly, Nigeria’s citizens have shown more interest in cryptocurrencies than any other African country.
Nigeria’s Securities and Exchange Commission recently unveiled new rules for the country’s cryptocurrency industry which is indicative of continued support for the technology.