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    Blocktoq»Crypto News»CEO of Binance, speaks of a cryptocurrency in Africa
    Crypto News

    CEO of Binance, speaks of a cryptocurrency in Africa

    KonradBy Konrad15 May 2020Updated:15 March 2021No Comments3 Mins Read
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    Binance CEO CZ разговор о криптовалюте в Африке|Африканский рынок криптографии продолжает расти|Крупнейшая криптообменная биржа|Binance биржа топ 10 график|Проблемы криптовалютного мира Африки
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    Changpeng Zhao, the founder of the currently largest crypto exchange, explains why he considers Africa as an untapped potential for crypto and how this can be changed.

    In short:

    • The largest crypto exchange in the world
    • Binance for Africa
    • Further development
    • Barrier

    The largest crypto exchange in the world

    Although the Binance exchange has only existed for 3 years, it has already gained millions of users worldwide. It now boasts 8 billion daily volume and over several million transactions per second!

    Binance exchange top 10 chart

    source: CoinMarketCap

    Binance’s founder, Changpeng Zhao, also known as CZ, believes that Africa has great potential for the adoption and development of the crypto. During the AMA (Ask Me Anything) session he spoke quite widely on this subject.

    [VIDEO] Top 17 Curated Key Questions Binance CEO, CZ, Responded to About Africa – Binance AMA in Africa: https://t.co/AI2sKXTUFn @Binance @CZ_Binance #Africa

    — Bitcoin Kenya (@BitcoinKE) May 15, 2020

    Binance for Africa

    The world’s largest exchange crypto in terms of transaction volume, Binance is slowly opening platforms in African countries. Already in 2018 they started their expansion starting from Uganda, followed by Nigeria and South Africa.

    The biggest crypto exchange

    As CZ underlines, since the first day Binance was launched in 2017, they had users from Africa who were quite active. They have always known that Africa is an important market. Shortly after the opening of the stock exchange, Changpeng Zhao went on a trip to Africa to visit Uganda, Togo, Nigeria and Ethiopia, learning a lot about the market and shortly afterwards opening Binance Uganda.

    Further development

    Binance has been taking over Africa country by country for the last two years, but at the same time, it has also been helping intensively in charity support for the needy and African start-ups. CZ believes that Africa will become a very important cog in his company in the future.

    African crypto market is still growing

    “I think the whole African market is crucial, and this year we were lucky to find a banking partner in South Africa, so we can make deposits through bank accounts.”

    Despite the fact that there are several crypto exchanges in South Africa, they are still relatively small and their coverage is quite weak. Changpeng says that buying cryptocurrencies in Africa is still difficult and for this reason, he wants to improve the situation.

    Barrier

    The biggest problem with the massive introduction of Binance across Africa is that a large number of Africans do not have a bank account. However, there are also minor problems, such as difficulty in working with African banks, old or missing banking APIs, and the difficulty of verifying users due to the lack of Western-style addresses. This is a very untapped market, but at the same time there are many challenges waiting for companies there and this may be the reason for not using the potential. 

    Problems in Africa crypto world

    Despite all the problems that the stock exchange is facing after the increasing entry into the African market, they do not intend to give up. 

    Founder Binance, believes that the coronavirus pandemic can help his plan because everything is becoming more and more online, more and more digital and that this is arousing interest among citizens and countries that will adapt. 

    The future world may be an ideal place for crypto globalisation.

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