Business
Africa has seen bigwigs entering the region to invest in its domestic cryptocurrency market over the last couple of months. Both local and international crypto institutions have been eyeing Africa’s cryptocurrency market and a recent study conducted by Paxful show that Africa has great potential for becoming a leading continent in the cryptocurrency industry.
Bincance plans to invest in Africa
Binance has decided to tap into the vast cryptocurrency potential in Africa. In a statement, the company said it is looking to make investments in Africa and is calling on its supporters to help them connect with crypto-and blockchain projects in the continent with “excellent founders.”
“We have no headquarters, no office and no geographical boundaries. We are just as African as we are Asian or European. The blockchain revolution will be a global one and Binance Labs will consider investments in all non-sanctioned countries. In Africa, we feel very much at home and we want to deploy our capital there,” according to Benjamin Rameau, director at Binance Labs.
The company is looking to invest in Africa as it believes the continent will help maximize its profits. Binance believes Africa is on the verge of turning the tables on crypto and it wants to be part of the movement. Africa could soon overtake Asia as the world crypto leader, according to Binance.
There are various factors to support this belief, Binance noted. First, unlike developed countries, Africa is more open to change. Studies show developed economic systems are reluctant in allowing new systems into their space, which can threaten their profits. Entrenched banking industries have been fighting cryptocurrency adoption all across the globe and more so in the developed economies. Most of the communities in Africa still do not have proper banking frameworks so blockchain and its technology will face minimal opposition, making it easier to introduce this technology to the communities.
Secondly, Africa has a large young population who is willing to embrace the new technology. This puts them at an advantage over the most developed economy. According to reports, Africa’s young population will provide the labor to facilitate various projects.
Binance’s investment project will see an increase in job opportunities for the community, general economic growth, increase infrastructure and better financial systems for the communities.
East Africa’s central bank urges caution with crypto, blockchain The Pan African bank, Ecobank, released a report in August that showed how different countries on the […]
