Africa is primed for crypto adoption because only 10-20% of the population is currently banked.
Binance CEO CZ says that Africa is primed for crypto adoption. He believes that blockchain with just a smartphone provides the continent with a much-needed solution for financial access and inclusion.
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Only 10-20% of the population in Africa is currently banked, but Binance is working to change that. With blockchain technology, people can have access to financial services with just a smartphone. This gives people on the continent a way to participate in the global economy. Binance is committed to helping Africa achieve its full potential in the crypto space.
CZ recently met with the President of the Republic of Cote d’Ivoire to discuss crypto integration.
About Crypto Adoption in Africa
Cryptocurrency adoption in Africa is on the rise. With more countries embracing cryptocurrencies and trade volume indicators, it’s clear that this continent will soon become one of cryptocurrency’s most important regions.
In 2020, Africa was the third fastest-growing cryptocurrency market globally, with a steady increase in investments. Between July 2020 and June 2021 this grew by 1,200 percent to become one of its most popular regions for crypto adoption!
Cryptocurrencies are taking off in countries with limited financial services infrastructure such as South Africa, Kenya, Nigeria, and Tanzania. They’re an attractive alternative for storing and transferring assets because of their stability, despite being volatile compared to government currencies.
In April, the Central African Republic became the second country after El Salvador which made Bitcoin legal tender.
A number of factors have contributed to this, including the high level of mobile phone penetration and the popularity of crypto options trading. Africa is also home to a number of “unbanked” people, who are unable to access traditional financial services. This has made crypto an attractive alternative for many Africans.
In addition, Africa’s large youth population is often more open to new technologies than older generations. As a result, Africa is likely to continue to be a key market for crypto adoption in the years to come.
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