Cryptocurrencies have become a true store of alternative value in African countries afflicted by currency issues or hyperinflation. The same digital currencies are becoming more popular as a means of sending money or making cross-border payments.
Africa appears to have seized the lead when it comes to cryptocurrency or blockchain, despite the fact that it trails far behind the rest of the globe in many other areas.
To put it another way, cryptocurrencies have real-world applications in Africa that go beyond business. Many African bitcoin users or holders are becoming more interested in the commercial aspect of cryptocurrency, according to Johny Lyu, CEO of Kucoin, one of the world’s largest cryptocurrency exchanges.
According to him, African consumers have purchased more BTC, ETH, SOL, KDA, and LUNA. The majority of African users are interested in these projects. With the emergence of NFT, Gamefi, and Metaverse, native tokens of these industry-related projects, such as BLOK, DREAMS, and others, have been added to the portfolios of African users. Furthermore, coins like DOGE, SHIB, and ELON have attracted the attention of African investors due to market mood.
He goes on to say in his interview that “Aside from the increase in traffic, the number of new African Kucoin users has exploded, indicating a fresh wave of traditional cash flooding into the crypto sector. The level of adoption of blockchain and cryptocurrencies in Africa is rising, indicating that the crypto business is rapidly developing.
Blockchain could be the next big thing after the internet, and all countries are on the same starting line, thus we feel blockchain may be a way for poor countries to catch up with their industrialized counterparts.”
As part of its preparations for the launch, Infinite Launch stated that it has successfully raised $2.2 million in early private fundraising from prominent investors such as IBA, Everse Capital, Lotus Capital, and Phoenix Newtribe. The Infinite Launch platform is a cutting-edge launchpad for Decentralized Finance (DeFi) and Non-Fungible Token (NFT) initiatives, allowing investors to participate as early adopters in cutting-edge projects.
Infinite Launch will also be available on KuCoin, one of the largest centralized cryptocurrency exchanges. Johny Lyu wrapped up by saying “Since the beginning of 2021, both the number of African users and the trading volume on the Kucoin platform have increased each month. In October 2021, the calculated trade volume climbed by 74% over the previous month, while the number of newly registered users increased by nearly 200%. So far, the exchange rate of growth has been constant.”