Dive into crypto-Africa this week and see how the Kenya Firefighters Union is stacking BTC in Kenya’s latest crypto move. Meanwhile, crypto adoption in Nigeria continues to grow at an explosive rate, and leading CEX Bybit is targeting the African crypto market.
The crypto scene closes 2024 in style. A lot happened this week, and it’s time to take stock of what’s going on: important conferences on the African continent, interesting research findings, and even more exciting news about crypto adoption in Africa. Let’s explore some of these highlights.
Kenya Crypto News: Jack Dorsey Honors Bitcoin Africa Crypto Conference, Firefighters 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 increase awareness and use of Bitcoin on the continent. The pioneering crypto is on a roll, having hit all-time highs of $100,000 in December, and all perceptions of price ceilings are now being reconsidered.
Jack exhorted participants to adopt Bitcoin as a development tool. The region faces significant challenges in corruption and currency devaluation.
Bitcoin offers an alternative financial system and store of value. Kenya already has one of the highest adoption rates on the continent, and increased usage could propel the region’s prominence in global crypto circles.
Other attendees included senior executives from Gridless, a crypto mining company; Bitcoin Dada; and the Human Rights Foundation.
Amidst this, the Kenya National Firefighters Association (KENFIBA) became the first union in the country to adopt Bitcoin. line width: ; }
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and add it to its reserve.
Proof of Workforce, an NGO that aims to promote Bitcoin adoption among unions and workers, made the historic announcement at the Africa Bitcoin conference in Nairobi.
𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: KENFIBA, the Kenya National Firefighters Association, adds Bitcoin to its balance sheet, becoming the first union in Kenya to hold Bitcoin!
Potentially the first syndicate on the continent to hold Bitcoin
– Proof of Workforce (@workforcebtc) December 11, 2024
As reported 99BitcoinsKENFIBA also received a crypto donation to “improve emergency response systems, member recruitment, and overall operational efficiencies within the organization.”
Nigeria Crypto News: Wallet Adoption Boom
According to a ConsenSys report, Nigeria has the the highest adoption rate of crypto wallets worldwide. This West African country is a continental powerhouse, with more than half of the population reporting owning a crypto wallet. South Africa also ranks second on the continent with impressive adoption rates.
In other continents, the United States leads wallet adoption in the Americas, while Turkey leads in Europe. In Türkiye, high inflation and currency devaluation have boosted the use of crypto, particularly USDT.
Conversely, the survey shows that less than 40% of respondents in Japan, Argentina and Canada have ever owned cryptocurrencies.
Overall, wallets are useful tools for owning and controlling crypto assets. They store a user’s private keys, which provide access to the room. Such impressive adoption rates in Nigeria mean that users are eager 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 This is a positive development for a continent lagging behind in most economic indicators.
Africa Crypto News: Bybit expands its focus on crypto-Africa
One of the largest crypto exchanges in the world, Bybit, is expansion its services in various African countries. To boost its operations, 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 Joan Han, director of sales and marketing, the exchange is “dedicated to driving growth in emerging markets,” taking into account the diverse needs of its customers, which come “in all shapes and sizes.”
The Perpetual Exchange is expanding its services and rewards to African users to boost adoption on the continent. This decision demonstrates the platform’s confidence in the continent’s potential as an engine of growth.
EXPLORE: Africa Crypto Week Review: Fast-Growing Luno, Yellow Card Eyes Nigeria As Startup Raises Over $8M
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The article Africa Crypto Week Review: Ex-Twitter Founder Attends Bitcoin Conference in Nairobi, Nigeria Wallet Adoption Boom as Bybit Grows appeared first on 99Bitcoins.
