Is Africa ready for a cryptocurrency
an exchange that can serve the whole continent?
– Yes I guess they are very ready, especially with more and more projects starting in Africa with bigger capital to deploy for their actions and usually less need to spend because of less local cost (compared to international levels like US or Singapore as example)
– Many International platforms already do cover the whole of Africa for trading, but one focused on it could help it a lot to solve some disadvantages which African users face (like usually no access to crypto cards or hard KYC/proof of address which can sometimes be hard in Africa)
Are there drawbacks to a pan-African crypto exchange?
– Possible scams happening in a specific country (south Africa or Nigeria for example) could affect the whole of Africa
(Like the 2 brothers who did flee with 3.6 billion https://www.bloomberg.com/news/articles/2021-06-23/s-african-brothers-vanish-and-so-does-3-6-billion-in-bitcoin or the 588 Mio Ponzi https://issafrica.org/iss-today/africa-new-playground-for-crypto-scams-and-money-laundering#:~:text=The%20world’s%20biggest%20crypto%20scam,US%24588%20million%20in%20Bitcoin.)
– Nothing much besides the normal crypto disadvantages
What are the challenges to building a pan-African or
continent-wide cryptocurrency exchange?
– Regulatory frameworks
– Possible funding issues
– “Local” User acquisition
What needs to be done to overcome these?
– Regulatory frameworks/Sandbox – to test and experiment like mentioned in the proposed US crypto bill
– Possible funding issues – connect with national & international VCs and other companies which usually invest in such projects
-“Local” User acquisition – By using local networks, putting out local benefits and programs, and getting more into local charity work.
Moritz Pindorek (Moritzpindorek.com)
Social Media, Marketing & Blockchain
Crypto/Web 3 Advisor, Top 10 Crypto Influencer 2022(Forbes Monaco) & Top 10 Entrepreneur 2022 (Forbes Monaco)
Owner and writer for Cryptouserguide.com