Luno‘s General Manager for Africa, Marius Reitz, has predicted that Kenya will lead the cryptocurrency market in Africa in 2022. This was divulged in a statement containing Reitz’s prediction on the cryptocurrency market in Africa for 2022, which was released on Thursday.
Reitz said that Africa took a spot in the limelight as crypto adoption on the continent saw a 1200 percent surge. According to Reitz, the crypto industry in Kenya is progressing and has the potential to scale up adoption this year 2022. He further shared that Kenya ranked as the world’s leader in volumes of P2P trading for the second year in a row.
“The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africa’s leading crypto hub in 2022,” Reitz said.
Luno CEO, Marcus Swanepoel, also added that cryptocurrency will serve as a different or alternative means to handle cross-border transactions as well as check problems surrounding remittance on the continent. He explained that the “key strength” cryptocurrencies have in this regard has to do with the open and decentralised blockchain networks that power them; this allows money to be transferred between persons without “lag times and exorbitant fees” regardless of where they are.
“Similar to most aspects of the crypto industry, progress in this area will be heavily dependent on a favourable regulatory climate and should this materialise, cryptocurrencies could emerge as a major asset for companies with extensive operations throughout Africa,” he added.