Crypto firms ignore Africa at their peril as continent set for major adoption
Even though the digital asset market seems to be witnessing a bit of a lull at the moment, the adoption of crypto-centric tech has continued to move forward with a full head of steam globally. Africa, in particular, is a continent where a growing list of mainstream financial entities have continued to make their presence felt, as they have begun to realize that the economic opportunities presented by the region are immense.
To put things into perspective, a recent report released by Singapore-based crypto data provider Triple A shows that the North African country of Morocco currently boasts one of the largest crypto populations in the region at nearly 2.5%. The kingdom currently leading many prominent countries in terms of daily Bitcoin (BTC) trades, trailing only behind Saudi Arabia across the entirety of the Middle East and North Africa (MENA) region, an impressive feat, to say the least.
What’s even more interesting is that Morocco’s existing legislative framework is largely anti-crypto, with the country’s Foreign Exchange Office giving no indication of softening its stance anytime in the near future. Despite these stringent regulations, people across the region have continued to find means such as peer-to-peer (P2P) and over-the-counter trading through which to make inroads into this rapidly-evolving ecosystem.
Emmanuel Babalola, the Africa director for cryptocurrency exchange Binance, told Cointelegraph that with each passing month, the number of cross-collaborations taking place between local blockchain/crypto firms and various mainstream entities has continued to grow. Babalola said that most forward-looking tech companies are vying to gain exposure within the region, all while trying to help people across the
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