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Here’s what’s happening in Web3 across Africa

Cryptocurrency Apr 10, 2022 09:00AM ET
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Here’s what’s happening in Web3 across Africa

Whatever you prefer to call it — crypto, blockchain or Web3 — this new segment of the digital economy is booming across Africa. If you’ve been sleeping on the sector, now’s a good time to wake up.

Why? Well for one, according to analytics firm Chainalysis, Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021. Led by especially high adoption rates in Kenya, South Africa, Nigeria and Tanzania, Africa had the third-fastest growing cryptocurrency economy worldwide during that period. And that’s not all. Chainalysis also found that Africa leads the world in the share of overall crypto transaction volume coming from peer-to-peer, an indication that African consumers in crypto-unfriendly jurisdictions are increasingly finding workarounds to explicit and implicit bans.

Michael Kimani is a co-founder and head of growth at Fonbnk, the platform that makes it easy for millions of users in Africa and other emerging markets to participate in the Web3 economy simply by using their prepaid airtime.

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Here’s what’s happening in Web3 across Africa
 

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