With as many as 23 African states prohibiting cryptocurrencies, the future of bitcoin in Africa has become a growing source of concern.
Despite this, Binance, the largest cryptocurrency trading platform in the world measured by volume, is working to promote the use of cryptocurrencies on the African continent.
- Binance has opened a crypto education hub in Yaounde, Cameroon, through cooperation with Inoni Tech
- This tech hub will provide training and services for young people across Francophone Africa
- Binance will provide crypto enthusiasts with more resources to help them flourish within the ecosystem as well as create offline interactions through the utilization of this hub
- Over 600,000 people on the African continent have been educated thanks to Binance’s efforts, which have seen it host dozens of offline and online classes
For this purpose, the cryptocurrency infrastructure provider has opened a crypto education hub in Yaounde, Cameroon, through cooperation with Inoni Tech. This tech hub provides training and services for young people across Francophone Africa.
Tech hubs have contributed significantly to the development and growth of Africa’s technology ecosystem. Such hubs include Nigeria’s Co-Creation Hub and South Africa’s Silicon Cape Initiative.
What we have not seen a lot of, though, are specialized technology hubs that are founded and managed by multinational corporations.
Binance is making history in Cameroon and across Africa with its most recent step by establishing a crypto hub that is unlike any other. Young people interested in blockchain technology and cryptocurrency education can use it as a resource library and an in-person training centre.
Binance will provide crypto enthusiasts with more resources to help them flourish within the ecosystem as well as create offline interactions through the utilization of this hub.
The crypto hub will make the experience of trading cryptocurrencies simpler, safer, and more hands-on for Binancians and crypto newbies in general.
It will be located in the neighbourhood of Bastos, around 300 metres from the Restaurant The Famous. The centre will be the hub for the community in terms of crypto education, the most recent crypto news, and training through hosting regularly scheduled in-person events.
Binance committed to Blockchain education across Africa
Binance has been steadily expanding its footprints in blockchain ecosystem education across Africa since January 2020, when the Binance Africa team inaugurated the Binance Masterclass Series with in-person training attended by over 200 young people in Nigeria.
Over 600,000 people on the African continent have been educated thanks to the organization’s efforts, which have seen it host dozens of offline and online classes.
This newly created cryptocurrency hub brings Binance’s presence in Africa to a new level, boosts the trust in its brand, expands its stakeholder ties, and firmly establishes Binance’s position as a prominent player in Africa’s cryptocurrency industry.
“Africans continue to interact with cryptocurrencies in various ways, producing essential use cases and potential for increased financial inclusion. We see a more on-the-ground approach as a necessary step in demystifying the concepts and fostering the correct understanding of the many opportunities that education, web 3.0, and the blockchain ecosystem can bring to Cameroon and, ultimately, Francophone Africa.
This can be accomplished through the Binance crypto hub. Francophone Africa,”Lead at Binance, Carine Dikambi, said in a statement.
Binance is getting closer to increasing crypto knowledge and adoption in the region by providing more opportunities for people to interact with cryptocurrencies in person.
Furthermore, regular skill training sessions will help to establish new work chances for Cameroonians. Many Cameroonians will be able to gain new skills to maintain their employability on a worldwide scale.
Cryptocurrency adoption in Africa
Information gap must be bridged
If crypto specialists believe that most of the African population is proficient in cryptography, they are gravely mistaken. The majority of people’s daily lives are currently unaffected by cryptography.
The adoption of cryptocurrency will result in its global recognition as a trustworthy medium of exchange. Cryptocurrency is a decentralised asset that may be used to communicate and store value securely. Africa is falling behind schedule due to the continent’s lack of bitcoin and blockchain expertise.
Gemini’s 2022 Global State of Cryptography research shows that a lack of education is the primary global barrier to cryptocurrency ownership. 40% of African respondents in the study had never purchased cryptocurrency because they were unfamiliar with the process.
According to Kucoin, 2.8% of all cryptocurrency transactions worldwide occur in Africa, indicating that we have a long way to go in terms of acceptability.
Because of this, many Africans are hesitant to invest in cryptocurrencies. 64% of Kenyans were unaware of crypto, compared to 55% of Nigerians and 56% of South Africans, according to a recent survey by Luno.
Education about cryptocurrency is critical
Scammers all over the world are preying on naïve victims by taking advantage of Africa’s lack of crypto understanding. Ponzi schemes and DeFi projects offering above-market returns on staked tokens and yield farming are just a few of the many crypto scams out there. As a result, the level of confidence required for widespread adoption is eroding.
Blockchain education in Africa must be hastened for individuals to understand cryptocurrency better and protect their money.
The trust in blockchain initiatives will be restored, and the spread of fraud will be restricted. Because the majority of blockchain training programmes end up orange-pilling their students, this will speed up bitcoin adoption.