Binance's CEO Sees African Countries As Untapped Market For Cryptocurrency

Binance CEO Changpeng Zhao

The CEO and founder of Binance Changpeng Zhao, Said the African continent holds some unique opportunities for cryptocurrency adoption and development.

In an exclusive "ask me anything" session hosted on Zoom for key members of the African cryptocurrency community, CZ gives a number of interesting insight into the potential in Africa.

There is a different set of challenges in Africa, I think that's what makes it the untapped market for cryptocurrency company in which one of them is that people were mostly underbanked, or even completely unbanked which makes it difficult to work with banks. The banking API interfaces are slightly older or nonexistent. said CZ

This made it a perfect opportunity for the crypto industry to provide an alternative, and finally, offer better living conditions by allowing people to earn digital money.

One of the great crypto industries setting their sights on the continent tapping into Africa is Binance Exchange a platform to buy, sell, stake, trade and exchange.

Binance CEO Sees Potential in African Countries

Binance which has established itself as the world's largest cryptocurrency exchange by trade volume has slowly been opening up satellite trading platforms in African countries.

The company has launched trading support in countries like Nigeria, most recently South Africa and Uganda which was the first country to welcome Binance in 2018.

"Even from the first day when Binance launched, we had users from Africa, and they were actually relevantly active. So, we've always known that Africa is an important market. And so I think it was early 2018 that I visited Uganda, Togo, Nigeria at the same time and also Ethiopia. So, I had a little tour around Africa just to learn a little bit more about the market, and soon after that we opened Binance Uganda"

The World's Interest in Africa Grows

Some other big tech companies that have shown interest in the Africa market includes Twitter's CEO, Jack Dorsey sees huge potential in Africa, he even planned to move to the continent said this during his visit to Nigeria.

Also, Facebook CEO visited a Nigerian tech company strategizing how to tap into the African market with his proposed cryptocurrency Libra.

However, some African indigen is also on the move to captured the continent market to liberate it, people.

IBsmartify is one of the indigenous Fintech company in Africa invented the world's first philanthropic blockchain and first Charitable Trust Decentralized Autonomous Organization DAO (Inksnation) with its native cryptocurrency PINKOIN to eradicate poverty and create smart urbanisation in Nigeria and Africa at large, According to CEO Omotade-Sparks Amos Sewanu the company's blockchain is ready to compete with the likes of Hyperledger, Gram, Facebook's Libra, Telegram's TON, Bitcoin, Ethereum etc. also with the creation of debit card with QR code for it all registered members planning to have it's own cryptocurrency ATM soon.

 An African-American rapper Akin also came up with his own project, with his cryptocurrency called Akoin, to try and help Africa and its citizens, also developing plans to launch entire smart cities which will trade solely on cryptocurrency in his home country Senegal.

However, Binance CEO stressed that despite the fact that South Africa has a number of local cryptocurrency exchanges that are operating successfully, the rest of the continent could benefit from cryptocurrency exchanges.

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