- Jack Dorsey takes a tour to Africa
- Dorsey sees Africa as being the key for further development of cryptocurrency
- Crypto adoption in Africa is on the rise
Cryptocurrency News Today – Earlier this week, the CEO of Twitter and payment provider Square – Jack Dorsey – tweeted “Africa will define eh future (especially the Bitcoin one). Dorsey released this tweet after his tour to Africa; turns out, he liked what he saw.
Dorsey Sees Africa as the Key of Further Crypto Development
After his visit to Africa, Dorsey sees the continent as a key in the further development of digital currencies. Other digital currency buffs share his view. The head of growth at on-chain liquidity protocol Bancor – Nate Hindman – is confident of the future of digital currency in Africa. In a statement, he said:
“In emerging markets such as Africa, the shallow reach of traditional money systems means there is less resistance to new financial technology.”
Bitcoin (BTC) Price Today – BTC / USD
Digital currency firms have been busy in Africa, and perhaps, the CEO of Twitter is onto something. The CEO of P2P Bitcoin marketplace Paxful – Ray Youssef – said:
“Africa is not getting big into Bitcoin – they have been using Bitcoin for years and taught us everything we know about what the true use cases of Bitcoin are. Africans have had P2P financial systems in place for centuries. In Nigeria, they call it Esusu, South Africa has Stokvel, while Kenya has Chama.”
However, digital currency laws in African nations can make trading on crypto trading platforms difficult. Youssef said that Nigeria – the largest economy in Africa – has restrictions in sending money outside the country, and that Bitcoin’s lack of liquidity was the first hindrance it had to solve to introduce the digital currency to Africa. Youssef said:
“We found a way for them to export an asset, which is gift cards, as a way to go around financial restrictions. Now, Bitcoin (BTC) is flooding out of the country and into other African nations because of the ambition of the Nigerian Bitcoin community and Paxful.
The Adoption of Cryptos in Africa Is On the Rise
Paxful has enjoyed a considerable level of success in the continent. The service has more than 3 million subscriptions – and 45 percent of its subscriptions are from Africa. In fact, Nigeria, Ghana, and the US have reached 15 million trades over the last 12 months, marking an increase of 65 percent from last year.
Major trading platforms are now expanding into the continent. Last year, Binance launched Binance Uganda – a fiat-digital currency trading platform that allows for the direct conversion of Ugandan Shillings to BTC. Other exchanges are also focusing on Africa.