March 2, 2021

Twitter director plans to develop crypto industry in Africa

Twitter director plans to develop crypto industry in Africa

Twitter and Square CEO Jack Dorsey meets African entrepreneurs and discussed the prospects for the development of the crypto industry on the continent.

Africa ranks first in numberGoogle searches for the keyword Bitcoin over the past 12 months. Nigeria and South Africa are in the leading positions on this indicator among all countries of the world, Ghana got to the fourth line.

However, despite the increased interest inA digital asset, Bitcoin remains the domain of African cyberpunk. According to Dorsey, this paradox can be used to advertise Square's CashApp application. Speaking at a conference in Nigeria, Jack said:

“I want to understand what challenges new African companies face and how to help them. Next year I would like to live in Nigeria for three to six months. ”

According to the World Bank, most residentsAfrican states located south of the Sahara Desert do not have access to banking services. However, in these countries there is a developed cellular network. That is why local startups are betting on mobile payment applications, which leads to the growth of the digital economy sector. Given the characteristics of the financial market in many African countries and the volatility of the fiat currencies, it can be concluded that the massive use of digital assets in South African countries is inevitable.

In October, cryptocurrency exchange Binance added supportNigerian Naira. Marketplace staff noted that the humanitarian crisis had a negative impact on the Nigerian economy, and the fiat currency rate is highly volatile. In this regard, local residents perceive digital assets as a means of savings and are primarily interested in Bitcoin.