Speaking to an exclusive team of crypto media outlets, the Binance CEO, CZ, has said that Africa is a strategic market for the crypto exchange.
Binance, the largest crypto exchange by volume globally, is looking at Africa over a period of 5-15 years as it believes Africa has a huge role to play in the crypto space.
Responding to a question from Bitcoin KE, CZ said:
“Africa will play a huge role that many don’t realize. Africa is sort of a long play and is very strategic to us.
If you want business results in the next 6 months, then maybe Africa is not the best place to spend money on. We are looking at this at a 5, 10, 15 year horizon, and I think Africa is going to be huge.”
– CEO, Binance
CZ also went ahead to discuss how Binance is looking at this long play saying that education will be key in this journey as a company.
He also talked about the thriving P2P market on the continent and believes that financial institutions like banks are instrumental to further adoption on the continent.
“With no banks, P2P doesn’t flourish. Countries that have currency devaluation is where most adoption is taking place.”
– Binance CEO
With less infrastructure to replace and the continent’s experience with mobile payment systems, CZ also believes replacing traditional financial systems in most African countries is much easier compared to established and big markets with very high populations like the US, China, and Japan.
One particular use case that was mentioned is payments. According to CZ, Binance is likely building a payment service, sort of like an app payment service, that might see it get launched across Africa first.
So far, Binance has educated over 50, 000 Africans in 2020 via its masterclasses and hopes to continue these efforts.
Binance recently reported P2P revenues of over $280 million in Africa in 2020 signaling a huge market opportunity for the company in 2021 and beyond.
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