Crypto Dominance Across Africa Shows No Signs Of Slowing | bitcoinist.com

[ad_1]

Despite current market conditions, cryptocurrency adoption, primarily in emerging economies, continues to grow unabated. This reality, in turn, stimulates investor interest in these potential markets.

For example, the African blockchain landscape is currently attracting significant funding from leading venture capital firms as well as angel investors. Recently, the Central African Republic (CAR), following in the footsteps of another emerging economy, El Salvador, approved the use of bitcoin (BTC) as legal tender, further boosting investor confidence.

According to the latest report from Nation, African blockchain companies raised around $304 million in the first and second quarters of 2022, which is almost three times higher than the total of $127 million raised by startups in the region for the entire year. year 2021. The report further states that in the first three months of 2022, venture capital funds invested $91 million in several African crypto startups. In the second quarter, inflow increased 134% to $213 million. This came at a time when the broader crypto market was stumbling due to the implosion of Terra, rising inflation, and ongoing geopolitical challenges.

KuCoin, a Seychelles-based crypto exchange, raised $150 million in what has since been dubbed the “mega deal” for the African blockchain market. Pan-African crypto exchange Mara and Nigerian crypto startup raised $23m and $10m each, while Congo-based Jambo raised $30m and South African exchange VALR raised $50 million.

Emerging Economies Love Bitcoin

In the fourth quarter of 2021, as the crypto market reached new heights, several crypto-centric awareness and education campaigns were launched across the African continent, the fruits of which became increasingly evident over the course of the year. of the last few months.

For example, a group of Distributed Ledger Technology (DLT) experts based in East and West Africa under the aegis of Jelurida Africa launched the first-ever Blockchain Expedition to East Africa last year to educate locals on the benefits and advancements of blockchain and cryptography. Other organizations like Emurgo Africa, the commercial wing of the Cardano Foundation, have also actively invested in a range of outreach and education programs to accelerate the widespread adoption of blockchain technology and cryptocurrency.

Thanks to these efforts, several mainstream companies in the region have started integrating blockchain technology into their existing models, contributing to the growing adoption. Nigerian digital payments firm Interswitch and Senegalese fintech company Wave are among the tech unicorns to embrace the nascent technology. Another notable pan-African incubator project, Adrian Labs, has also entered the scene to support startups and entrepreneurs in the region using blockchain, AI and other emerging technologies.

In addition to venture capital interests, a growing number of Africans are embracing cryptocurrency as a go-to source for payments, transfers, and even savings. Overall, several African countries are seeing an increase in crypto adoption as residents continue to struggle with regional challenges such as inflation and devaluation of their local currencies.

Another reason for the increased adoption is the growing number of tech-savvy young adults across the African region, coupled with the increased use of smartphones and the internet. In his latest report, finbold reported that Nigeria now ranks as the most crypto-obsessed country in the world, with a Google Trends search score of 371.

Recently, the cryptocurrency exchange AAX commissioned a survey in collaboration with Forrester Consulting to assess cryptocurrency adoption in Africa, Latin America, Southeast Asia and the Middle East. According to reports, awareness and adoption of cryptocurrency, primarily bitcoin (BTC), is at an all-time high in these regions, with Africa topping the charts.

The Forrester Consulting survey highlights that the majority of African respondents indicated that they use BTC as their preferred method to transfer funds domestically and internationally. Nearly 46% of respondents said they use BTC to make payments and transfers, while 56% said they use it to preserve long-term value and 52% said they use it as a tool of investment.

On the future of blockchain and crypto in Africa, Managing Director of Jelurida Africa, Mr. Adebajo, explains: “Most African governments are more interested in building local capacity. So, if the plan is to get the attention of the government, more efforts should be made to train developers in Africa. While experience also matters a lot when deploying sophisticated solutions, that’s where foreign developers would come in handy. When such a need arises, we will be willing to work with foreign entities to achieve project objectives.

“We have spent the past two months prototyping solutions in various areas. As we continue to engage the government and organize meetings and get-togethers, we also plan to organize a pan-African hackathon in collaboration with other big players in the space,” Adebajo points out. “But more importantly, we plan to launch large solutions specifically designed for Africans before the end of the fourth quarter of 2022.”

Against this promising backdrop, crypto has transformed the African landscape, laying the groundwork for Africa’s blockchain ecosystem of the future while enabling local talent to connect with the brightest minds and resources in the crypto community in the sense of wide.

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,828.33
ethereum
Ethereum (ETH) $ 1,238.54
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 285.59
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.386262
dogecoin
Dogecoin (DOGE) $ 0.096093
cardano
Cardano (ADA) $ 0.31021
matic-network
Polygon (MATIC) $ 0.902268
polkadot
Polkadot (DOT) $ 5.30
staked-ether
Lido Staked Ether (STETH) $ 1,225.54
litecoin
Litecoin (LTC) $ 75.54
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 20.77
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.48
tron
TRON (TRX) $ 0.053499
uniswap
Uniswap (UNI) $ 6.06
avalanche-2
Avalanche (AVAX) $ 13.18
leo-token
LEO Token (LEO) $ 3.79
chainlink
Chainlink (LINK) $ 6.89
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,799.98
cosmos
Cosmos Hub (ATOM) $ 9.56
the-open-network
Toncoin (TON) $ 1.85
monero
Monero (XMR) $ 145.96
ethereum-classic
Ethereum Classic (ETC) $ 18.77
stellar
Stellar (XLM) $ 0.084689
bitcoin-cash
Bitcoin Cash (BCH) $ 109.59
quant-network
Quant (QNT) $ 117.43
crypto-com-chain
Cronos (CRO) $ 0.063116
algorand
Algorand (ALGO) $ 0.219825
filecoin
Filecoin (FIL) $ 4.37
near
NEAR Protocol (NEAR) $ 1.65
apecoin
ApeCoin (APE) $ 3.80
vechain
VeChain (VET) $ 0.018747
hedera-hashgraph
Hedera (HBAR) $ 0.047408
internet-computer
Internet Computer (ICP) $ 4.17
eos
EOS (EOS) $ 0.987457
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 44.18
flow
Flow (FLOW) $ 1.02
trust-wallet-token
Trust Wallet (TWT) $ 2.49
frax
Frax (FRAX) $ 1.00
terra-luna
Terra Luna Classic (LUNC) $ 0.00017
axie-infinity
Axie Infinity (AXS) $ 8.08
the-sandbox
The Sandbox (SAND) $ 0.580461
tezos
Tezos (XTZ) $ 0.986668
aave
Aave (AAVE) $ 61.08
theta-token
Theta Network (THETA) $ 0.849427
huobi-token
Huobi (HT) $ 6.41
chain-2
Chain (XCN) $ 0.038898
lido-dao
Lido DAO (LDO) $ 1.01
true-usd
TrueUSD (TUSD) $ 1.00
chiliz
Chiliz (CHZ) $ 0.15099
bitcoin-sv
Bitcoin SV (BSV) $ 40.94
paxos-standard
Pax Dollar (USDP) $ 0.999421
decentraland
Decentraland (MANA) $ 0.394353
usdd
USDD (USDD) $ 0.979286
bittorrent
BitTorrent (BTT) $ 0.0000006692213
kucoin-shares
KuCoin (KCS) $ 6.48
aptos
Aptos (APT) $ 4.78
pancakeswap-token
PancakeSwap (CAKE) $ 3.91
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
fantom
Fantom (FTM) $ 0.231352
compound-usd-coin
cUSDC (CUSDC) $ 0.022707
zcash
Zcash (ZEC) $ 43.93
whitebit
WhiteBIT Token (WBT) $ 4.76
iota
IOTA (MIOTA) $ 0.204065
ecash
eCash (XEC) $ 0.000029
tokenize-xchange
Tokenize Xchange (TKX) $ 6.92
klay-token
Klaytn (KLAY) $ 0.181087
maker
Maker (MKR) $ 606.74
gatechain-token
Gate (GT) $ 3.59
neo
NEO (NEO) $ 6.99
dash
Dash (DASH) $ 44.18
pax-gold
PAX Gold (PAXG) $ 1,785.58
radix
Radix (XRD) $ 0.047081
havven
Synthetix Network (SNX) $ 1.95
the-graph
The Graph (GRT) $ 0.062024
arweave
Arweave (AR) $ 8.90
osmosis
Osmosis (OSMO) $ 0.89994
gmx
GMX (GMX) $ 52.57
compound-ether
cETH (CETH) $ 24.88
frax-share
Frax Share (FXS) $ 6.01
tether-gold
Tether Gold (XAUT) $ 1,748.66
curve-dao-token
Curve DAO (CRV) $ 0.660334
thorchain
THORChain (RUNE) $ 1.38
mina-protocol
Mina Protocol (MINA) $ 0.541449
cdai
cDAI (CDAI) $ 0.022109
btse-token
BTSE Token (BTSE) $ 2.52
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.61
rocket-pool
Rocket Pool (RPL) $ 19.86
nexo
NEXO (NEXO) $ 0.669995
blockstack
Stacks (STX) $ 0.272374
ethereum-name-service
Ethereum Name Service (ENS) $ 13.38
basic-attention-token
Basic Attention (BAT) $ 0.222201
1inch
1inch (1INCH) $ 0.434057
zilliqa
Zilliqa (ZIL) $ 0.02171
bitdao
BitDAO (BIT) $ 0.301985
immutable-x
ImmutableX (IMX) $ 0.439975