Africa Crypto Week in Review: Former Twitter Founder Attends Bitcoin Conference in Nairobi, Nigeria’s Wallet Adoption Boom, As Bybit Expands
Jump into crypto Africa this week and discover as the Kenyan Fire Brigade Union stacks BTC in the latest Kenya’s crypto move. Meanwhile, Nigeria’s crypto adoption continues to grow at explosive rates, and major CEX Bybit is taking aim at Africa’s crypto market.
The crypto scene is closing 2024 on a high. Plenty has happened this week, and it is time to take stock of events: Important conferences on the African continent, interesting research findings, and even more exciting news on Africa crypto adoption. Let’s explore a few of these highlights.
Kenya Crypto News: Jack Dorsey Graces Bitcoin Africa Crypto Conference, Fire Brigade Union Forms Bitcoin Reserve
Former Twitter CEO Jack Dorsey was in Nairobi this week for the Africa Bitcoin conference. Dorsey left the social media platform in 2022 and became a Bitcoin ambassador.
The conference aimed to boost Bitcoin awareness and usage on the continent. The pioneer crypto is on a roll, having hit historic highs of $100,000 in December, and all perceptions of price ceilings are now being reconsidered.
Jack urged participants to embrace Bitcoin as a development tool. The region has significant corruption and currency devaluation challenges.
Bitcoin offers an alternative financial system and storage of value. Kenya already has one of the continent’s highest adoption rates, and more usage could propel the region’s importance in global crypto circles.
Other attendees included top executives from Gridless, a crypto mining firm; Bitcoin Dada; and the Human Rights Foundation.
Amid this, the Kenya National Fire Brigades Association (KENFIBA) became the first labor union in the country to adopt Bitcoin
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and add it to its reserve.
Proof of Workforce, an NGO that aims to promote Bitcoin adoption among labor unions and workers, made the landmark announcement during the Africa Bitcoin Conference in Nairobi.
𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: KENFIBA, The Kenya National Fire Brigades Association adds Bitcoin onto their balance sheet, becoming the first labor union in Kenya to hold Bitcoin!
Potentially, the first labor union on the continent to hold Bitcoin
— Proof of Workforce (@workforcebtc) December 11, 2024
As reported by 99Bitcoins, KENFIBA also received a crypto donation to “improve emergency response systems, member recruitment, and overall operational efficiency within the organization.”
Nigeria Crypto News: Wallet Adoption Boom
According to a ConsenSys Report, Nigeria has the highest crypto wallet adoption rates globally. The West African nation is a continental powerhouse, with over half the population reporting ownership of a crypto wallet. South Africa ranks second on the continent with impressive adoption rates as well.
In other continents, the United States leads wallet adoption in the Americas, while Turkey leads in Europe. In Turkey, high inflation and currency devaluation have spurred crypto, especially USDT usage.
Conversely, the survey shows that less than 40% of respondents in Japan, Argentina, and Canada have ever owned crypto.
Overall, wallets are useful tools for owning and controlling crypto assets. They store a user’s private keys, which give access to the coin. Such impressive adoption rates in Nigeria mean users are keen to explore and integrate crypto into their daily lives. This usage is vital in a country with a volatile currency and a large informal economy.
Such developments indicate that Africa is an emerging crypto hub. This is a positive development for a continent that lags in most economic indicators.
Africa Crypto News: Bybit Expanding Crypto Africa Focus
One of the world’s largest crypto exchanges, Bybit, is expanding its services across various African countries. To boost its activities, the exchange has renewed its commitment to merchant services for users in Kenya, Ethiopia, and South Africa.
Bybit has announced improvements to its Advertiser Program to encourage consistency and participation on the platform.
According to Sales and Marketing Director Joan Han, the exchange is “dedicated to fostering growth in emerging markets,” considering its varying customer needs, which come in “all forms and sizes.”
The perpetual exchange is broadening its services and rewards to African users to boost uptake on the continent. This move indicates the platform’s confidence in the continent’s potential as a growth driver.
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The post Africa Crypto Week in Review: Former Twitter Founder Attends Bitcoin Conference in Nairobi, Nigeria’s Wallet Adoption Boom, As Bybit Expands appeared first on 99Bitcoins.
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2024-12-14 04:00:53
