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Binance announces crypto awareness tour in Africa

TL;DR Breakdown
  • Binance to kickstart crypto awareness tour in Africa
  • The first tour will hold in Nigeria
  • The Crypto ban may cause a hitch in Binance’s plan

Binance has announced an upcoming crypto awareness tour with the set location inside Africa. Africa has seen a massive spike in the volume of digital assets exchanged in the last two years, putting it close to 1,200%. This shows that the crypto market in the region has undergone massive adoption. With that, companies and firms have been looking for ways to explore and lure in customers from the respective countries in the region.

Binance goes to Enugu on June 4

The upcoming awareness tour is a program floated by Binance whose aim is to ensure that Africa continues to have a strong crypto adoption population. Asides from that, the company is looking to the event to help it gather a massive number of followers across several crypto communities in different countries. One of the target audiences of the awareness tour is in Nigeria where delegations would be meeting with students across several universities in the South East.

Binance mentioned that it wants to use the tour in Nigeria to ensure that most of the youths (the core number of the country’s population) are introduced and onboarded into crypto. The event is scheduled to happen in Enugu on June 4. The tour will go live on the date at the Amadeo event center. Once the tour in Nigeria is complete, the officials will be looking to complete the same steps in Uganda, and Cameroon among others.

The plan may be affected by the crypto ban in Africa

The awareness tour is not a new campaign with the 2019 edition of the Binance event seeing as many as 60,000 Nigerians being onboarded into crypto. However, the edition of this year’s tour would lean heavily towards the popular Play 2 Earn, NFTs, and the Metaverse. Although Africa is still far behind when it comes to crypto entering the economy, users have been able to use the assets as a close substitute for the failed payments systems across the region.

In a recent survey by Chainalysis, the major drivers of adoption across Africa have been peer-to-peer payments, and savings among others. Like in major developing countries, Nigerians are looking at crypto as a means to escape several policies announced by the government and inflation. The awareness tour will also seek to establish a mutual space where crypto discussions will be carried out. However, the plan could be doomed to fail as most of the countries across the region have seen their Central banks ban digital assets. This is one of the reasons why Peer to Peer payments have been on a spike across Africa.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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