Interest in crypto in Africa is growing

09 Sep, 2018
by Arthur Sillers
News
Interest in crypto in Africa is growing

There is a growing number of developments in African crypto, and an increasing number of people are pointing to the continent as one of the most significant growth regions in the upcoming development of crypto.

Today, it was announced a firm won an award for the Best Distributed Ledger Initiative from a global banking entity for its development of technology in South Africa, a country where, according to Google Trends, search engine interest in the term ‘bitcoin’ is the highest in the world, with Ghana coming in second.

 This at least indicates interest in cryptocurrency in a number of African countries, an interest which is reflected in crypto developers.

Binance’s CEO has already stated that he believes investing in Africa could be the ‘best trade of the century,’ due to the potential of introducing crypto in a continent with lower dominance of traditional banking institutions.

This is also the route pursued by Hashcash, who according to Business Insider are collaborating with what Nigerian banking institutions already exists to develop solutions which would bring banking infrastructure to an underserved demographic. 

In a video announcement, Cordano’s CEO detailed future plans for the company, stating ‘Africa really is a great marketplace for us’, responding in part to commentators who have noted that Cardano is positioning itself to corner the crypto market in the developing world.

Cardano has furthermore been in direct talks with African heads of state and those in the African technology center to discuss where they believe is a ‘tremendous potential for blockchain technology to solve social, economic and political problems.’

 Africa is a huge and diverse region, but in general there appear to be developing pockets of interest in crypto. There are unique needs throughout the continent which make it an ideal target for adoption by cryptocurrency. The developing world at large represents most of the world, and therefore is not only could be a crucial market for investment, but an area in which technology could actually serve to increase global wealth and access.

 Read more- Akon is launching cryptocurrency to build wealth in Africa

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Read more about: Cardano (ADA)

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