Sats & Gwei 09 | The most crypto obsessed nation in the world is Nigeria!!

Bankless Africa presents Sats & Gwei, a podcast for your weekly crypto news update from all around Africa!

The uncertainties surrounding crypto still cause some misconceptions all over the world. Africa is not left out as the UN trade body called for the halt of cryptocurrency rise in developing countries. Citing these currencies as financially unstable, the body believes they will cause economic risks.

The CEO of Binance, Changpeng Zhao (CZ), met with the current President of the Central African Republic to discuss crypto adoption and the regulatory framework. CZ seeks to launch a blockchain awareness and education program across Francophone Africa. Also, the Central African States Bank declared its support for the national cryptocurrency nobel initiative.

In other news, Nigeria continues to record high figures in transactions despite their cryptocurrency bans. Between January 2021 and June 2022, Nigerians exchanged N497.35 billion ($1.16 billion) in Bitcoin, demonstrating the growing importance of the virtual currency in the country.

Through funding and grants, the Celo Foundation aims to help African startups scale. Startups can communicate with established partner venture capital firms with the aid of the Celo Africa Web3 Fund to seek funding for scaling business operations. BitDAO is also looking to fund AfricaDAO with $20 million for Web3 adoption in Africa. They joined Polygon and Synthetix to be partners with Africa DAO, which is a new investment fund created to advance Web3 development.

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Sats & Gwei is a BanklessAfrica podcast that brings you weekly crypto/web3 headlines about the Africa continent. Stay up to date with the most relevant crypto happenings across Africa.

 

Disclaimer:

None of what is shared in this show is financial advice. Only the opinions of the individuals that make this show possible. Remember to always do your own research. 

 

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