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Crypto Adoption Plan in Africa

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Crypto Adoption
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  • Even with the harsh market condition the interest towards cryptocurrency is not going down in Africa.
  • The blockchain landscape of Africa is on its way to gain more and more funding.
  • The gain of funding is from the top venture capital firms and angel investors.

Bitcoin Affection of Major Economies

Many African startup firms have raised around $304 million in the first and second quarter of 2022. This amount is three times more than the total $127 million raised by startups in the entire year of 2021. In addition, the Central African Republic (CPR) approved Bitcoin (BTC) as legal tender. In the first three months of 2022 business capital funds invested $91 million in some African startups. Proceeding towards the second quarter the investment increased by 134% to $213 million.

Seychelles-based crypto firms Kucoin uplifts $150 million, while the pan-African crypto exchange startups Mara and Nigerian uplifts $23 million and $10 million respectively. Additionally, congo-based firm Jambo and South-African crypto exchange VALR raised $30 million and $50 million respectively.

Crypto-centric Campaigns and Blockchain Adoption

Several firms based in Africa conducted crypto educational and awareness campaigns. From such campaigns some firms initiated their journey in the adoption of blockchain technology as well.

  • The South-African software company, Jelurida Africa, launched its Blockchain campaign previous year- on the advancements of blockchain and cryptography.
  • The global blockchain company, Emurgo Africa, also organises a program to boost the adoption of blockchain technology and cryptocurrency.
  • Fintech firms like Interswitch and Senegalese integrated blockchain technology into its existing models with nascent technology.
  • Adrian Labs Africa, also came in the spotlight by adopting blockchain, AI and other technologies of crypto marketplace.

A market research firm Forrester Research and crypto exchange AAX’s combinedly surveyed for crypto adoption in Africa, Latin America, Southeast Asia, and middle of East. As A Result, Africa tops in the survey with high volume awareness and crypto adoption.

The survey of Forrester Research showed BTC adoption interest. In which around 46% said BTC is preferable to make transfers or payments, while 56% said it can be used to prevent long-term values and 52% thinks it can be used as an investment tool.

However, the MD of Jelurida Africa said, “We have spent the past two months prototyping solutions in various areas. As we continue to engage the government and organise meetings and get-togethers, we also plan to organise a pan-African hackathon in collaboration with other big players in the space. But more importantly, we plan to launch large solutions specifically designed for Africans before the end of the fourth quarter of 2022.” It further shows that Africa’s steps towards the crypto world are growing increasingly day by day.

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