Cryptocurrency Industry Growing Fast In Africa, Indicating A Bright Future For Fintech

Cryptocurrency Industry Growing Fast In Africa, Indicating A Bright Future For Fintech

A study carried out by Weetracker indicates a significant growth of the cryptocurrency industry in Africa, especially Blockchain startups and fintech. Several places are opening up in Africa for cryptocurrencies, indicating that the industry will bring about great fiscal benefits to people in Africa, which apparently has been the most Google searched.

Blockchain And The Cryptocurrency Industry Are Hot In Africa

Over the past couple of months, countries like Nigeria, Kenya, South Africa and Egypt have given more capital during many initial coin offerings. According to the report, results of the first quarter of 2018 indicate detail information concerning Tech Startups and fintech in Africa.

This is because statistics show that tech startups were most attractive for African investors, with fintech startups being of more interest to investors when compared to other tech startups. If the trend continues, it is most likely that fintech in Africa will undoubtedly become one of the most vital industries in the African continent. This is because it has shown that it can be of great benefit to several economies in Africa.

  • In Zimbabwe, Golix is headed for an initial coin offering, which is expected to realize well over $32 million
  • African blockchain and cryptocurrency ventures are raising funds fruitfully, in spite of the supervisory confusion
  • A Kenyan cryptocurrency exchange called SureRemit has recently collected well over $7 million from their Initial Coin Offering. SureRemit’s objective is to be the nation’s chief cryptocurrency exchange
  • In South Africa, a cryptocurrency exchange known as the Sun carried out their Initial Coin Offering and collected well over $5 million
  • Crypto industry and blockchain technology is in essence one of the fastest growing in the African continent, an opportunity that is opening up several work spaces
  • In the near future, PoS machines as well as cryptocurrency ATMs will be set up in South Africa, Zimbabwe and progressively to other nations Africa
  • In Africa, cryptocurrencies have been recognized to be a wonderful way in which African nations can hedge their money from incidences of abnormally high price increases

Fintech Has A Bright Future In Africa

One of the best starting points for blockchain investments in Africa is Nigeria. In the recent past, the nation has been able to net 29 deals with Venture Capital companies. Kenya takes the second position with 23 deals, with Egypt taking third position with 21 deals.

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