With a 1,200% increase in the volume of cryptocurrencies received between 2020 and 2021, the growing adoption of digital assets in Africa has captured the attention of multiple companies and organizations looking to participate in this nascent market.
The Blockchain and Cryptocurrency Awareness Tour (BCAT), expected to take place in June, is an awareness campaign powered by Binance that has been spreading knowledge and trying to cultivate a strong crypto community in Africa. By reaching college students, particularly in southeastern Nigeria, the campaign hopes to increase cryptocurrency adoption among young Nigerians, the predominant age group in the country.
The main event will take place on June 4 at the Amadeo Event Center in Enugu, Nigeria. Other stops on the tour are Uganda, Ghana and Cameroon.
Binance launched the BCAT tour in 2019 and claims to have reached over 60,000 Nigerians. This year’s event focuses heavily on concepts related to play-to-earn, the metaverse, and non-fungible tokens.
A new report reveals venture funding for African cryptocurrency startups grew 11x in 2022.
How are these projects raising funds? @ghcryptoguy will be hosting @Naicker_94 and @gideongreaves from CV VC (Africa) to discuss this and more.
Tune in: https://t.co/KVk6yiwosZ pic.twitter.com/ZxLiCUUa2C
— Cointelegraph (@Cointelegraph) May 25, 2022
Despite being the world’s smallest crypto economy in terms of market penetration, Africa is embracing digital assets at a faster rate as locals seek alternatives to weak financial infrastructure and a lack of payment ramps. Remittances, peer-to-peer payments and savings have become the main drivers of adoption for local residents, according to data from Chainalysis. As in Argentina, many inhabitants of Africa see in Bitcoin (BTC) and other cryptocurrencies a way out of government policies and inflation.
BCAT Africa 2022 also seeks to fill the need for a common space for conversation on cryptocurrencies, especially in a place where most central banks have banned or strictly regulated the use of cryptocurrencies, leading many Africans to turn to increasingly popular peer-to-peer systems.
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