By | January 11, 2022

In a bid to additional bolster its recognition and increase crypto adoption in Africa, Binance, the biggest crypto alternate by buying and selling quantity, might be one of many sponsors of the TotalEnergies African Cup of Nations match being held in Cameroon. 

Binance sponsors AFCON 2021

The crypto alternate made this announcement yesterday, the place it revealed that it might be the unique cryptocurrency and blockchain platform for the AFCON 2021 match. 

Binance continued that it might even be partnering with the Confederation of African Soccer (CAF) on Help of the Day / Binance Help of the Week / Binance Help of the Event, which might be promoted throughout all social media accounts of the affiliation.

Talking on this partnership, CAF’s common secretary, Veron Mosengo-Omba, stated that the partnership would afford the main crypto agency to attach with its customers and the African group by means of soccer.

Binance Director for Africa, Emmanuel Babalola, on his half, stated that:

“Soccer is the preferred sport in Africa, one which unites your entire continent, and because the main blockchain ecosystem, we’re proud to be an official sponsor of the AFCON match. This corroborates our mission to take crypto mainstream throughout the continent.”

Notably, Binance just isn’t the one crypto alternate seeking to assist improve the trade’s adoption internationally. A number of exchanges like FTX,, and Coinbase have entered into various levels of strategic partnerships and sponsorships, which might assist improve publicity to their providers whereas additionally drawing extra folks to the trade.

Crypto adoption in Africa

Crypto adoption is over 800% within the African continent, making it the fastest-growing crypto market on this planet, in keeping with considered one of our earlier reports launched final 12 months.

The report additionally famous that the continent’s retail transaction quantity was round 7%, whereas the remainder of the world averaged 5.5%. Because of this crypto trades in Africa are largely being traded by small-scale buyers who’re principally in markets like Kenya, Nigeria, and South Africa.

Luno, a well-liked crypto firm on the continent, in the direction of the top of final 12 months revealed that 45% of its new a million prospects have been primarily based on the continent.

Crypto adoption on the continent is essentially pushed by peer-to-peer (P2P) transactions. Additionally,  the truth that the nationwide forex of most international locations within the area has misplaced its worth because of the coronavirus pandemic and the rising inflation has led many voters into the crypto area.

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