Binance Plans to Invest in Africa





Binance has decided to tap into the vast cryptocurrency potential in Africa. In a statement, the company said it is looking to make investments in Africa and is calling on its supporters to help them connect with crypto- and blockchain  projects in the continent with "excellent founders."
We have no headquarters, no office and no geographical boundaries. We are just as African as  we are Asian or European. The blockchain revolution will be a global one and Binance Labs will consider investments in all non-sanctioned countries. In Africa, we feel very much at home and we want to deploy our capital there," says Benjamin Rameau, director at Binance Labs.

The company is looking to invest in Africa as it believes the continent will help maximize its profits. Binance believes Africa is on the verge of turning the tables on crypto and it wants to be part of the movement. Africa could soon overtake Asia as the world crypto leader, according to Binance.

A report says, Kenya currently ranks as the third highest, following South Africa and Nigeria in terms of cryptocurrency transactions.

Factors to support this belief

Binance mention some factors to support this belief. 

  • First, Africa is more open to change, unlike developed countries. Studies show developed economic systems are reluctant in allowing new system into their space, which can threaten their profits.


Entrenched banking industries have been fighting cryptocurrency adoption all across the globe and more so in the developed economies. Most of the communities in Africa still do not have proper banking frameworks so blockchain and its technology will face minimal opposition, making it easier to introduce this technology to the communities.


  • Secondly, Africa has a large young population who is willing to embrace the new technology. this puts them at an advantage over the most developed economy. According to reports, Africa's young population will provide the labor to facilitate various projects.

Benefits

Binances's investment project will see an increase in job opportunities for the community, general economic growth, increase infrastructure and better financial system for the communities.


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