Africa is a continent that has always welcomed cryptocurrency and blockchain innovations with open arms. there are no strict regulations towards cryptocurrencies and blockchain technology across the continent. Africa is also an untapped market for foreign investors, including blockchain companies. This has in turn seen top companies coming down to feed on the market, gain grounds as well as becoming major players in the industry.
Top companies like Binance and Okex compete for domination in the African cryptocurrency marketplace. This is evident in the different partnership programs that they embark on with citizens in different parts of Africa which includes ambassadorial partnerships and education programs among others.
These programs ensure increases in their number of users, and the participants are well paid just to make sure these companies remain forces to reckon with. Not too long ago, Twitter’s CEO, Jack Dorsey embarked on a brief blockchain trip to Africa to explore the potentials of a blockchain startup on the continent. He originally planned a six-month trip that was cut short by the health crisis of 2020.
Africa as a continent has proved to be a good ground for cryptocurrency adoption as more crypto based companies keep arriving despite the health crisis of 2020. Africa was recognized as one of the promising regions for the adoption of cryptocurrencies. This was according to a report published by Arcane Research; “Africa is one of, if not one of the most promising regions for the adoption of cryptocurrencies”. Besides this, Nigeria, a country in Africa topped the world in Bitcoin transactions around the second quarter of the year 2020.
Africa Is Leading In Cryptocurrency Adoption
Yellow Card is a crypto company founded in 2016 with its headquarters in Nigeria and has branches in other African countries. Yellowcard buys Bitcoin and has recorded notable milestones in 2020 across the African cryptocurrency ecosystem. The firm is reported to have received over $1.5 million dollars from two investors in a recent fund raising event.
According to Chris Maurice, CEO of Yellow Card, his company adds about 20,000 new users to their platform every month. He also notes that Africa will remain at the forefront among the regions that are driving cryptocurrency implementation.
“Crypto will go mainstream in Africa before any other part of the world. We’ve been breaking our own records over and over”, he says.
Maurice explains why he thinks Africa will be at the frontline of cryptocurrency adoption shortly after announcing that Yellow Card would be launching in Botswana and South Africa, he says;
“There is no better place for bitcoin to thrive than Africa. Crypto will go mainstream in Africa long before the west or any part of the world. Anyone with a smartphone and place to vendor can act as an onramp and offramp from fiat to crypto”
A Payment Processing Giant Emerges
Another top cryptocurrency company in the region is Bundle Africa, a company with the primary aim of making financial freedom a reality for Africans and ensure the adoption of cryptocurrency. This Nigeria-based cryptocurrency payments processing start-up published its major achievements within the first four months of the company’s operation. In the release titled “Bundle Rewind”, the chief executive, Yele Bademosi expressed how impressed they were about what Bundle has achieved within this short period of time.
“On April 23 2020, barely four months ago, we turned on the lights at Bundle. A lot has happened since then. So much that it feels like an entire lifetime has passed”, said Badamosi.
Launched on the 23rd of April 2020, Bundle reached 1,000 sign-ups by the 26th day of the same month and 10,000 in July 2020, according to the release. Its trading volume also reached a significant volume of one million dollars by July 2020. These are indeed significant achievements for a company that has been in operation for just four months.
Opening Up Opportunities For Traders
BuyCoins Africa, another African company made known their achievements through the Chief executive’s handle on Twitter(@TiIMIGOD). The company traded over $30 million in volume in 2019. This year 2020 has recorded a significant increase in BuyCoins’ trading volume as it recorded over $100 million dollars on its trading platform.
These reports are evidence that Africa is about to take the lead in the cryptocurrency industry. Gimmer made no mistake when he said Africa will be at the frontline of crypto adoption. A recent report revealed that Nigeria outperformed the rest of the world in bitcoin peer-to-peer transaction activities. There is no doubt, Africa is on the move to be on the mainstream of crypto adoption.
A City Powered By Cryptocurrency
Akon city is a proposed city to be built in Senegal by the musician Akon. The currency to be used in the city is the Akoin token, the city would be powered on the native currency. It is to be built in two phases and should be ready by 2030. This is another pointer to the potency of Africa being a force to reckon with in the cryptocurrency and blockchain industry.