In recent years, many initiatives have been taken on both sides in favor of cryptocurrencies. The African continent is not on the sidelines of these initiatives, and obviously Changpeng Zhao, CEO of Binance, intends to take advantage of them. Indeed, his company continues to multiply winks in the direction of several countries in Africa. Why such interest in the continent?
Several projects for Africa
Whether you are an observer of the cryptocurrency market or not, it is very easy to notice that Binance is very interested in Africa. The proof is that in the context of the last African Cup of Nations, which officially ended on February 6, the cryptocurrency exchange was a official sponsor. So she touched more than 300 million viewers on the continent.
More recently, the CEO of the digital asset exchange made two trips: one to Côte d’Ivoire and another to Senegal. As part of his visit to Côte d’Ivoire, he met the President of the RepublicAlassane Ouattara, with whom he discussed “economic and financial issues, especially access to cryptocurrency, which today is part of the economic activities of different countries around the world” (CZ).
After Ivory Coast, CZ traveled to Senegal where he discussed with President Macky Sall. This visit was an opportunity for him to enter into a partnership with JokkoLabs for blockchain education.
Furthermore, CZ has been in Central African Republic where he met President Faustin-Archange Touadera. During the meeting, the two personalities discussed several topics, including “education, investments and adoption of cryptocurrency”. Suffice to say that CZ nurtures several projects for the African continent, including among others improving the adoption rate digital assets.
Binance CEO’s Reasons
The big question that could be asked is this: why is the CEO of Binance so interested in Africa? Several possible answers can be considered. In an interview given to Young Africathe CEO said: “All of Africa interests us and we want […] have multiple presences in all the sub-regions”. He then explained that he thinks ” there is a lot more money to do in developing countries » rather than in Europe and America.
As you can imagine, it is therefore for economic reasons that Binance is turning to Africa. In this regard, it should be noted that the young African population is actively seeking new solutions to escape the control and obligations of financial institutions classics. And cryptocurrencies present themselves as a great alternative.
Also, the African continent is something of a “virgin land” when it comes to the digital asset market. Although many arrangements have been made on both sides, they are struggling for the moment to seduce everyone. This makes the continent a land to explore by cryptocurrency exchanges like Binance. Those who develop projects there will get ahead of the others.
Finally, inflation on traditional currencies is another reason why cryptocurrencies appeal to Africans. Indeed, digital currencies operate according to a principle of decentralization, which means that inflation on the fiat currency has no effect on them. Therefore, to escape inflation, Africans opt for these currencies. And this is where Binance intends to intervene!
If Binance is interested in the African continent, it is because of the many advantages that this eldorado presents for its stock market. Not only is it relatively virgin territory, but more and more Africans are also turning to digital assets.
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