Several regions of Africa are proving to be a major focal point for cryptocurrencies.
In recent weeks, several developments have allowed the industry to expand on the continent.
Google search volumes on „Bitcoin“ and „cryptocurrency“ topics reveal the level of interest from several African nations.
The Trust Project is an international consortium of news organizations based on transparency standards
Africa is emerging as one of the main areas of interest on the planet for Bitcoin and The News Spy app. The past few weeks have seen several developments which show a thriving industry on the continent.
Among these developments we can cite the addition of USDT to Africa’s largest peer-to-peer (P2P) market, the expansion of cryptocurrency and gift card exchange services to new countries, and the membership of a large South African bank to the Contour Blockchain Network.
At the same time, data from Google Trends demonstrates Africa’s growing interest in digital assets.
Africa’s cryptocurrency industry continues to grow
For years, proponents of this technology have speculated that cryptocurrency could be adopted massively by those without access to modern banking services. According to ItNewsAfrica.com, up to 66% of sub-Saharan Africans are not “ banked ”.
Those who do not have access to the banking services used in so-called “developed” countries are largely excluded from an increasingly digital global economy. Yet cryptocurrency now appears to be changing that.
As cryptocurrency supporter Elisha (@ghcryptoguy) points out on Twitter, many industrial developments have taken place in Africa in recent weeks.
This week in Crypto & Blockchain (Africa):
1. YellowCard arrives in Tanzania.
2. Standard Bank joins the Contour Blockchain Network.
3. Paxful adds P2P trading in USDT.
4. FastBitcoins partners with Flexepin.
5. Africa is still leading the search for #bitcoin 🙂
A solid week!
The proliferation of crypto exchange platforms and gift cards
Two events during the week of September 21-27 will allow more Africans to use cryptocurrency at various online vendors. First, the Africa-focused cryptocurrency and gift card exchange Yellow Card has announced that it will start offering its services in Tanzania.
The company allows users to buy or sell crypto online or in stores. It has proven popular with those who send remittances to their home country.
Recently, a Reuters report said the platform’s volumes increased fivefold in 2020. Yellow Card claims it processed $ 25 million in crypto payments in August alone.
Likewise, FastBitcoins, a service that also allows users to buy and sell bitcoin online and in the real world, has partnered up with Flexepin. According to the Flexepin website , the company offers cash top-up voucher services, allowing those without a bank account to make purchases online.
The partnership, announced on September 24, dramatically increases the coverage of FastBitcoins, which can now serve 14 African countries.
Other developments help stimulate interest in Africa
Recently, Paxful, Africa’s most popular peer-to-peer crypto exchange, added the option of trading in USDT. The addition of stablecoin would help protect Paxful users not only from the volatility of BTC , but also from fluctuations in national currencies.
Traditional banks in Africa are also increasingly interested in blockchain technology. The announcement last week of Standard Bank of South Africa joining the Singapore-based Contour blockchain trade finance network is a case in point.
Contour uses the R3 Corda blockchain to increase the efficiency of bank processing times. Standard Bank is the first bank on the African continent to join the trade finance ecosystem.
Interest in Bitcoin and cryptocurrency appears to be flourishing in Africa thanks to developments like the ones just mentioned. Likewise, data from Google Trends shows that the top three regions to search for the term “Bitcoin” are Nigeria, South Africa and Ghana.