Blockchain advocates continue to focus on Africa as a key market because of the potential influence that the adoption there may have on the overall crypto industry. It presents an opportunity for societies to solve economic problems and many other challenges.

Allen Wei, CEO of the cryptocurrency exchange LBank, recently emphasized that blockchain technology might have a big impact in Africa in his interview with Cointelegraph. He further highlighted the potential impact of regional acceptance on cryptocurrency and the significance of aiding initiatives across the continent.

The executive also stressed that the technology could create an inclusive society on the continent. 

He said, “With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system might be built where more people will be employed and have access to greater wealth than ever before.”

Wei believes that acceptance in Africa would make it simpler for other regions to accept cryptocurrency given the increase in the number of people who are using crypto and blockchain in the continent. He was also quoted saying:

“With so many individuals utilizing cryptocurrencies, it will be simpler for other countries to accept them as well, which will result in a favorable turnaround in the crypto economy.”

Furthermore, Wei also expressed that helping the region means the crypto space will have a wider reach.

“If we can help Africa become one of the most crypto-friendly continents on the planet, then we will be able to reach a larger audience than ever before,” he said.

However, Wei noted that crypto and blockchain projects in Africa often face challenges in terms of funding despite the region’s potential. The LBank executive therefore emphasizes the importance of funding the growth of African blockchain projects. 

According to Wei, this is one of the reasons LBank’s venture capital arm launched an accelerator program to help local projects on the African continent. He believes the program can help create more jobs and increase revenue in the region.