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Why Crypto is Growing Rapidly across Africa


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Cryptocurrency is gaining massive global attention. The concept of blockchain and its working mechanism has attracted huge investment options. Other than being an investment model, cryptos are today massively traded online. In 2008, Bitcoin was released on the global market for $1 per token. Today, the market cap of this token has reached more than $3 trillion. And this investment model is continuing to grow. If you are new to bitcoin trading and investments then you must check the problems that bitcoin can solve.

Other than cryptos, various other allied services gain its growth. Few such examples of crypto-allied products include crypto exchanges and crypto ATMs.

Acceptance by global countries

Despite the growing criticism about cryptocurrencies, many were eager to invest in them. The number of investors has grown multi-fold in the past few years. This growth can be attributed to the global pandemic and the work-from-home situation.

Additionally, many online stores including gaming, shopping, goods, and services accept crypto payments. The continuous improvements have made it possible to make real-estate payments.

Keeping into account the goring interest, global countries are now monitoring this investment. Steering committees and advisory boards are being set up to study the same.

Additionally, many countries have also released their native crypto tokens. The most recent country to add to this list is India. The government has announced that it will soon launch its native token.

Africa and its linkage to crypto investments

Africa indeed suffers from a modern banking system. Taking this to an advantage, cryptos have easily made their way into the African market. Today, Africa occupies the third position in global crypto adoption.

Many countries within the African continent are now looking at normalizing cryptos. The country is also building a fast-growing crypto market.

Every one in three people in Africa today owns crypto. But taking into consideration the varied banking rules, the global adoption is challenging. For example, Nigeria is one of the African countries with a growing interest in crypto. The strong banking rules in the country have still not made transactions easier. The token is still governed by varying rules making it difficult to normalize payments.

Another country within the African continent is Kenya. It is popular for handling a larger number of crypto peer exchanges. The next on the list is the Central African Republic. It has gone ahead and announced Bitcoin as a legal payment currency in the country. The announcement came a month ago making the country stay ahead in this race.

What drives crypto passion in Africa?

It is easy to create a market for cryptos in Africa. But what drives this force? Is it the weak banking system or the strong passion for digital currency? In the current scenario and global setup, both the above factor are driving forces. Many young investors believe digital currency is capable to bring change.

This payment model can change the current banking system. It can also make transactions much easier and simpler. While it takes more than a business day for the bank, cryptos take less than an hour.

Understanding FIREPIN token

Yes, Bitcoin indeed takes the first position in the global ranking. An interesting analogy in the crypto industry is its adoption. Is blockchain technology capable of integrating into a developing country?

Firepin token or FRPN is a highly anticipated token expected to gain a global launch. The token runs on technology compatible with lesser developed countries like Africa.

The token is currently in its pre-phase launch period. It wouldn’t be wrong to agree that that token has already taken interest in investors’ minds.

The blockchain on this currency works on a decentralized and autonomous model. The platform allows for token holders with voting rights and other rewards. As a launch offer, the token also provides rewards in currencies. So, if any referrals if successful, then users get their rewards in FRPN tokens.

Africa is indeed driving global crypto adoption. The total number of investors is available from South Africa, Kenya, and Nigeria. More than 8% of Nigeria and Kenya’s total population holds crypto tokens. The country is also looking at expanding its market by providing crypto-friendly rules. Kenya also takes a safe position within the first ten countries to adopt crypto globally. Coming to South Africa, there are more than 17% of people own crypto.

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