Many schools of thought believe Africa has a huge role to play in terms of global adoption of cryptocurrencies. With that in mind, several top cryptocurrency platforms are making a foray into Africa. In the month of August alone, several crypto exchanges forayed into the continent. Popular crypto exchange, Kucoin added support for the Nigerian naira on its peer-to-peer platform. Furthermore, the world’s largest crypto exchange by trading volume, Binance, added Kenya’s Mpesa to its P2P platform. Mpesa is a popular mobile money service in Kenya.
More Crypto innovations in Africa
Apart from the above-listed exchanges, P2P platform Paxful is a major contributor to Africa’s cryptocurrency ecosystem. The exchange currently supports several payment options on the continent. Apart from facilitating the global adoption of cryptocurrency, Paxful is interested in helping citizen in African countries earn passive income. Plans are in place to launch a hedge fund in Africa’s most populous country Nigeria. This, in essence, will help serve as a store of wealth against Nigeria’s rapidly devaluating currency. Apart from Paxful, Local.Bitcoin.com, P2P exchange also supports a wide range of payment options.
Plans for the future
With Africa potentials in terms of cryptocurrency basically untapped, crypto exchanges are looking to harness this resources. This furthermore shows several exciting innovations are to be expected in Africa’s crypto space.
Kucoin and Binance, for one, have put plans in place to add more African fiat currencies as payments options. This is sure to further drive awareness not just for the exchanges but for the entire crypto space at large.
Despite the huge progress made and potentials embedded in the African crypto space, crypto adoption in Africa still face a major drawback – Lack of fiat on-ramps.
The absence of these on-ramps has stalled crypto adoption and its subsequent growth in Africa. With that in mind, crypto exchanges are looking to provide fiat on-ramp services in Africa.
The importance of crypto education on the continent can not be over-emphasized. Paxful is currently a pioneer in educating Africans about the crypto and blockchain sphere. Apart from this the platform also boasts of reliable 24/7 customer support.
Africa and the crypto space is sure to explode into a myriad of opportunities, hence the need to get involved now. I would love to hear your take on the African crypto space and your thoughts on what the future holds?