RATE Group | Why Binance and Akon Are Betting on Africa for Crypto Adoption
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Why Binance and Akon Are Betting on Africa for Crypto Adoption

07 May Why Binance and Akon Are Betting on Africa for Crypto Adoption

Posted at 08:06h in Cryptocurrency News by

In advance of her “Crypto Across Emerging Markets” panel at Consensus: Distributed on May 11, Leigh Cuen is writing a three-part column on how cryptocurrencies are used in the developing world. The first installment explored bitcoin adoption in the Middle East.

The future of money will be defined by African markets, where cryptocurrency awareness and usage surged dramatically over the past year.

Aspiring entrepreneurs like Ghanan high school student Emmanuella see bitcoin as a tool for international trade, not just speculation. He plans to buy some as soon as he turns 18 and can apply for a local mobile money account. 

“I will use it to open up a business,” he said.

Ghanian exchange founder Nawaf Abd of eBitcoinics said local demand for bitcoin increased since the coronavirus crisis began, even though his physical stores in Accra and Kumasi are both closed. Through trading online, he continues to supply local buyers with bitcoin. He said his sales were up 70% in March, so much…

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