RoboticsOnline (reviewed here) platform shared news about Binance, world-known exchanger, and its plans in African digital asset market and Africa as a whole, as one of the places with fast crypto penetration growth.

Here’s the details:

Exchange giant Binance targets Africa in new awareness tour

  • Binance is planning to launch a crypto awareness tour in Africa
  • The tour will target countries like Nigeria, Ghana, Uganda, and Cameroon
  • The rate of crypto penetration in Africa has increased significantly

Africa is becoming one of the primary hubs for cryptocurrency transactions. The crypto volumes in the continent have increased by 1200% between 2020 and 2021. The growing adoption of cryptocurrencies in the continent has attracted crypto-based companies that want to expand their reach in the continent.

Binance eyes Africa

Binance, the world’s largest exchange by trading volumes, is tapping into the African digital asset market. The exchange is planning a Blockchain and Cryptocurrency Awareness Tour (BCAT) set to take place in June.

BCAT will be an awareness campaign fully supported by Binance. The campaign’s goal will be to spread knowledge about the cryptocurrency sector and build a strong crypto community on the continent.

The campaign will target the young demographic, especially university students. The campaign will be concentrated in Southeast Nigeria, but it will also be launched in other regions in the country. The youth makes up the largest demographic in Nigeria; therefore, targeting this group could enable Binance to achieve the desired results.

The main awareness campaign event will happen on June 4. The campaign will be situated in the Amadeo Event Center in Enugu, Nigeria. The campaign will not only be centered in Nigeria, but it will also tour other countries such as Cameroon, Ghana, and Uganda.

The Binance BCAT tour was officially launched in 2019. This tour has reached more than 60,000 Nigerians, according to the provided details. The event being held this year will primarily focus on various concepts, including non-fungible tokens (NFTs), play-to-earn (P2E), and the metaverse. These are innovative offerings in the sector, and their adoption in the continent could fuel more adoption of cryptocurrencies.

Growing crypto adoption in Africa

Africa is standing out as a major hub for cryptocurrency activities. Currently, Africa is the smallest cryptocurrency economy in the world. The rate of crypto penetration in the continent is significantly low, but this has not hindered plans by major exchanges to venture into the region.

Locals have been seeking alternative ways to save money and protect their wealth from the weak financial system amid a lack of solid payment platforms. One of the top reasons crypto adoption in the continent is high is a rise in remittances, peer-to-peer payments, and savings. Data from Chainalysis noted that these were the primary reasons many people in the region turned towards digital assets.

Most people in Africa also view Bitcoin and other cryptocurrencies as a way to escape rising levels and inflation and government policies. The Binance tour is taking advantage of the growing need for crypto.

BCAT Africa will fulfill the need to have a common space to discuss cryptocurrency matters in an area where many central banks have warned against such investments. Most Africans use peer-to-peer systems because cryptocurrency activities are forbidden.

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