While the digital asset market seems to be experiencing some dormancy at the moment, the use of crypto-focused technologies continues to advance with full force around the world. Africa in particular is a continent with an ever-growing list of large financial institutions that are beginning to realize that the economic opportunities offered by the region are enormous.
In comparison, a recent report from the Singapore-based crypto supplier Triple A shows that Morocco in North Africa currently hosts one of the largest crypto pools in the region, with a share of around 2.5%. The Kingdom currently leads several prominent countries in daily Bitcoin (BTC) transactions, second only to Saudi Arabia in the Middle East and North Africa (MENA), which is an impressive achievement to say the least.
More interestingly, the current legal framework in Morocco is largely anti-cryptocurrency, and the country’s exchange office shows no signs of softening its stance in the near future. Despite these strict regulations, people across the region continue to find means, such as peer-to-peer (P2P) trade and over-the-counter trade, to make progress in this thriving ecosystem.
Cryptocurrency companies are entering Africa at an unprecedented rate
Emmanuel Babalola, Africa’s director of cryptocurrency exchange Binance, told Cointelegraph that the number of cross-projects between local blockchain / crypto companies and a few large organizations continues to grow each month. Babalola said that most forward-looking technology companies are struggling to make a name for themselves in the region, trying to help people across the continent embrace and realize the true benefits of blockchain.
He noted that Binance recently partnered with the African Football Confederation (AFCON) to sponsor the TotalEnergies Africa Cup of Nations, which he sees as a small step towards a larger scheme, adding:
“Sponsoring the Africa Cup of Nations has been very exciting. Football is the most popular sport in Africa, a sport that unites the whole continent, so it was no problem to sponsor the biggest football tournament in Africa. This underscores our mission to popularize coding across the continent. ”
In line with the company’s model for mainstreaming crypto in the African scene, he also noted that Binance recently teamed up with some colleagues in this year’s Big Brother Naija (Nigeria) iteration – the continent’s largest virtual reality show – to help bring crypto education to a wider audience. . He added: “We even sponsor Nigerian Idol, the Nigerian version of the popular singing competition.”
Finally, Babalola notes that many unique developments have taken place in the global crypto ecosystem in recent months as countries such as El Salvador accept bitcoin as a legal tender – which he believed was completely unattainable just a few years ago – and therefore will not be. Surprisingly, African countries follow:
“I think this is just the beginning of things to come. Overall, as institutional interest in cryptocurrencies continues to grow, it is inevitable that more large organizations will emerge in the region.”
Crypto can help change the business in Africa
Asked about the continued growth of cryptocurrencies in Africa, especially in the northern part of the continent, Adedayo Adebajo, the African director of Jelurida, a blockchain software company that develops and maintains the Nxt and Ardor blockchains, told Cointelegraph that the vast majority of Africans in love countries should consider themselves as a single block and not divide them into regional categories.
In this regard, he noted that one aspect that most people living in Africa have in common is the lack of real employment opportunities, as well as their apparent lack of access to quality banking alternatives that they can use to send and receive money from around the world. world. . peace. scientist. Adebago added:
African countries thought they were excluded from the first three industrial revolutions. 4IR (Fourth Industrial Revolution) technology, including blockchain and cryptocurrency, provided, for the first time in history, the opportunity to participate in the creation of history. Most governments on the continent are now ready to, among other things, build capacity and locate the development of solutions. To do this, the doors remain open to foreign proposals that will bring them closer to their goal. ”