Why is crypto adoption growing so fast in Africa?

Since the initial emergence of bitcoin in 2009, blockchain technologies have been constantly evolving.

The introduction of cryptocurrency is revolutionizing the way we exchange, trade and invest. Financial assets have grown rapidly, especially in the last decade as the popularity of smartphones has allowed easy access to the transition from physical banking to online financial management.

When banks began to meet the high demand for virtual transactions by creating online banking applications, the mysterious Satoshi Nakamoto began to adopt this policy by expanding the virtual sector through the creation of Bitcoin (BTC).

It will be exciting to see how cryptocurrencies penetrate all parts of the world. According to Triple-A, the top three countries for crypto ownership in 2021 are India, the United States and Nigeria, all countries outside Europe.

Different countries in Africa deal with crypto

Looking at the African continent in particular, many countries are trying to normalize the use of cryptocurrencies.

According to columnist Bitang Ndemo, the role of cryptocurrencies in sub-Saharan Africa has grown exponentially. Telescope Africa report figures that Africa is the third fastest growing market in the world and the fastest growing cryptocurrency market in developing economies.

Despite both of these realities, Africa actually has a low digital currency economy.

Given that Nigeria is a major player in the African economy, it is not surprising that one out of three reported using crypto. However, Nigeria is struggling to legalize crypto use because its banks prohibit financial institutions from trading with blockchain technologies.

In addition, Kenya is one of the leading destinations for peer-to-peer (P2P) crypto exchange use in East Africa. Another country that has strongly implemented crypto tokens is the Central African Republic, which recently made Bitcoin (BTC) its official currency, a month ago. The move equates CAR with the world's most far-sighted countries.

The popularity of cryptocurrencies in Africa is mainly due to the young population who consider digital currencies to be more efficient than their more inflated fiat currencies.

 

What does FIREPIN (FRPN) contribute to Africa?

While Bitcoin (BTC) is the top cryptocurrency globally, it is interesting to evaluate how upcoming blockchain technologies can integrate themselves into less economically developed countries. FIREPIN Token (FRPN) is a highly anticipated cryptocurrency that will provide Africa with something new and innovative.

Currently in its pre-sale stage, the FIREPIN Token (FRPN) has managed to raise 30,000,000,000 FRPN since its inception (February 2022).

Blockchain markets itself as a decentralized autonomous organization (DAO), which in the future allows token holders to vote on their NFT marketplace, the FIREPIN Token (FRPN) currency. Additionally, FIREPIN rewards its investors by adding a referral system - where users can refer the token to anyone and receive a 3 percent bonus if successful.

FIREPIN Token (FRPN) will officially launch on May 27, allowing investors to invest quickly. With a solid peer-to-peer system and a bonus referral scheme, the FIREPIN token could be a further token for Africa's growing cryptocurrency market.