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FlashChange: Nurturing Confidence in Africa's Cryptocurrency Ecosystem.

6 months ago

“Africa is rapidly building a reputation as the hotspot of the crypto-tech world.” Such interesting words from Gideon Greaves, the Managing Director at Crypto Valley Venture Capital, Africa. His sentiments echo what other experts have been reporting about the cryptocurrency ecosystem in Africa for a while now. This is not to say there aren't some improvements to work on. For one, not many people fully understand crypto and blockchain technologies and how they work. The industry is also uncertain as crypto prices fluctuate, especially after the collapse of the world’s third-largest crypto exchange, FTX. The security and fraud troubles facing Nigeria’s Patricia, a top crypto marketplace is another instance of this uncertainty.

 

Taking a more critical look at the larger African Crypto market, it is evident that the continent is still a few steps behind other regions in some key metrics. Chainalysis reports that Sub-Saharan Africa has the smallest crypto economy of all the regions, accounting for only 2.3% of global transactions during the July 2022 to June 2023 period. This represents an estimated $117.1 billion in on-chain value. This paints a good picture of the situation even though it is one of the fastest-growing crypto markets in the world.

 

Interestingly, Nigeria, Kenya, and South Africa account for the highest number of users, which is impressive given the unfavorable regulatory laws from policymakers in the region. Countries like Cameroon, Ethiopia, and Tanzania have outrightly banned crypto while some countries have implemented other forms of restrictions. In Nigeria, the crypto ban has been lifted but replaced with strict rules and restrictions.

 

Amidst all these uncertainties, Africa's crypto market, specifically Nigeria’s, should not be overlooked. According to Chainalysis, Nigeria ranks second overall on the Global Crypto Adoption Index and also accounts for the highest raw transaction volume in Sub-Saharan Africa. This surge can be attributed to the need for faster, cheaper payment options and a secure way to protect against inflation.

 

There are companies in the region that are leading the crypto adoption charge and improving user’s confidence in the blockchain industry while at it. FlashChange, Jeriod, Prestmit, Buycoins, Luno, Quidax, Coinprofile, and Muna Wallet, are only a few of these companies, and they all have their unique crypto solutions. 

 

Notably, FlashChange, a dynamic crypto startup with just over a year of operations, has played a pivotal role in reshaping the crypto landscape in the Sub-Saharan region. Committed to providing users with absolute control over their digital assets, FlashChange has successfully garnered a user base exceeding 10,000. This young and innovative startup is instrumental in creating an accessible platform for everyday Nigerians to participate in cryptocurrency trading, contributing significantly to the ongoing evolution of the crypto space.

 

Crypto, despite being in its early stages has been instrumental in creating thousands of jobs for African Youths. For instance, Upwork, a Nasdaq-listed freelancing platform has over 3,000 blockchain-related jobs listed. This might not seem like a lot but it points to the increasing impact of the crypto industry on the financial lives of people worldwide, Africa included. 

 

Another indicator of this financial impact is seen in the influx of money in the industry. According to The African Blockchain Report 2021, blockchain startups in the continent raised over $91 million in the first quarter of 2022 alone, an amazing 1,668% increase compared to Q1 2021. It is becoming increasingly evident that digital assets and currencies are a great way to store value and attain financial freedom in our world today. This is the best time to hop on the crypto bandwagon. Download the FlashChange Application today to start.

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