Binance has launched into various markets in recent months and continues to deliver on its expansion plan. The exchange managed by CZ (Changpeng Zhao) also provides assistance to governments wishing to tame the crypto and blockchain technology sector. In this context, the platform could sign a partnership with Nigeria.
Create a blockchain-based digital economic zone
According a tweet from Watcher.Guru on September 4, “Nigeria and Binance are in talks to create a digital economic zone that will support the adoption of blockchain technology“. The digital economic zone aims to encourage entrepreneurs in West Africa to turn to blockchain technology. The Export Processing Zones Authority of Nigeria said the partnership will develop a digital hub. The latter should be “similar to Dubai Virtual Free Zone“.
It must be said that Nigeria is a rather crypto-friendly nation. It has embraced bitcoin (BTC), the flagship cryptocurrency, whose trading volume has crossed the $1 billion mark in just 6 months (January to June 2022). Note that Nigeria is in the top markets of Paxfula peer-to-peer cryptocurrency exchange.
The crypto exchange volume in the country was $400 million in the first half of 2022. Besides, there is expected to be a new blockchain-based exchange in Nigeria next year. The platform will be launched by the Nigeria Stock Exchange (NGX) Ltd to increase its investments in the regional economy.
Nigeria is teaming up with cryptocurrency exchange Binance to create a digital hub to support the adoption of blockchain technology. At the same time, the country’s Securities and Exchange Commission is putting in place new regulations in the crypto industry.
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