Insights into the biggest Events shaping the crypto Industry
One of the standout findings is that homegrown cryptocurrency exchanges within the region continue to outperform their global counterparts.
The strongest interest in cryptocurrency investment within the next 12 months emerged from countries such as Nigeria, South Africa, the Philippines, Vietnam, Indonesia, and India.
The key takeaways from the survey underline Nigeria and South Africa as the top two nations with the highest cryptocurrency awareness levels.
With 75 million KYC checks done, Smile ID is out with its third report on the State of KYC, customer onboarding, and fraud trends in Africa.
Deloitte’s recent groundbreaking research report delves into the increasingly popular trend of incorporating cryptocurrencies in business operations. The report also sheds light on the benefits of adopting digital currencies, ranging from reaching new customer segments to hedging against inflation and enhancing treasury activities.
As the cryptocurrency market gains momentum, the H2 2023 Coinmarketcap (CMC) report has unveiled numerous trends and developments that promise to shape the industry’s trajectory in the coming months. From potential regulatory breakthroughs, and innovative blockchain solutions, to the rise of Liquid Staking Derivatives (LSDs), the report paints an optimistic picture of the crypto landscape.
The International Monetary Fund (IMF) recently expressed its concerns about the risks associated with cryptocurrencies, particularly Bitcoin, and advised central banks against accepting them as legal tender.
Nigeria has solidified its position as the leading crypto nation in Africa, with a staggering 66.78% share of the continent’s crypto interest, according to the latest Coingecko Africa crypto report. This figure is nearly eight times higher than that of South Africa, the next highest-ranked country.
The number of central banks planning to launch Central Bank Digital Currencies (CBDCs) has doubled since last year, with over two dozen state-backed digital currencies expected to roll out by 2030, according to a survey by the Bank for International Settlements (BIS). Despite the challenges faced by the crypto market, 60% of central banks surveyed stated that the emergence of stablecoins and other crypto assets has accelerated their work on CBDCs.
According to the findings of a Consensys survey, 40% of South African survey participants are familiar with the concept of Web3 and a further 80% believe the technology backing cryptocurrencies can “transform or fully rebuild the financial system.
Blockchain technology is revolutionizing Africa by offering practical solutions to rampant inflation and corruption, according to crypto experts and executives. Cryptocurrencies provide Africans with an escape from the shortcomings of traditional financial systems, enabling freer transactions and greater financial inclusion. As the region grapples with high inflation rates and limited options, cryptocurrencies act as a lifeline, empowering individuals with control over their money and fostering trust through transparent systems.
EMURGO Africa, in strategic partnership with PwC, recently unveiled the “State of Web3.0 in Africa” report. The report cast a spotlight on the pivotal rise of blockchain investment within Africa. According to the report, blockchain funding soared by a stunning 1,668% in 2022 compared to the preceding year, accumulating a total of USD 91 million in countries like Kenya, South Africa, and Nigeria
According to a Kenyan research firm, while as much as 66% of surveyed African residents claimed to have been exposed to digital assets like Bitcoin, about 82% of respondents said they have never owned crypto. The findings of the survey study also suggest that the adoption of crypto is more significant in poorer African countries than in better-off countries.
Several African startups had funds in SVB as the bank was a lender for startups
Noting that ether-based products have been “listed on CFTC exchanges for quite some time”