The African market’s interest in and use of cryptocurrency is growing, but there is still huge room for expansion.
This is according to leading cryptocurrency exchange FTX, which said it has seen great success from its crypto education initiatives across the continent.
What is the state of crypto education in Africa – is the local market knowledgeable on the topic?
Africa has seen an increase in interest in and usage of crypto because we have a large unbanked market, and the use of crypto has enabled more inclusion of the unbanked, easier cross-border transactions, and an alternative for general financial transactions.
Education efforts have played a major role in the content in getting people to understand what cryptocurrencies are, how they fit in the financial sector, and how they can help them in their individual capacity. We have come a long way and we still have much more work ahead.
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What is holding back crypto education in Africa currently?
The views and adoption of cryptocurrencies by different governments across the continent have varied widely from those who are inquisitive and others learning the new industry and coming up with relevant legislation.
Some countries like South Africa and Nigeria have taken the steps to build government-backed digital currencies or are at least in discussions about it.
Recently, the SARB Prudential Authority gave a guidance note stating that banks can offer services to crypto companies.
This is a positive step from the bank’s stance a few years ago and is very good news to the responsible industry players that are able to provide good products that can serve people.
Why do you believe crypto education is important for the local industry to grow as a whole?
Crypto education is an enabler to wider adoption.
The more people can better understand cryptocurrency, the more comfortable they are with venturing into Web3.
Additionally, there will be a greater potential for new and local innovative ideas to be developed.
What is FTX doing to increase crypto education in Africa?
FTX provides crypto education through offline and online events in different parts of Africa.
We also work with different partners such as traders, mentors, influencers, ambassadors, and other organizations.
Our goal for crypto education is to help Africans become more comfortable with the industry.
The vision is to help Africans have more control of their funds by learning how to do it themselves.
We want to educate them on how to buy, sell, stake, lend crypto assets and using a reliable platform to do so. Once they actually understand it, they will be fully comfortable with navigating Web3.
What results are you seeing from these efforts, and how do you see these results improving in the future?
FTX has seen good growth in its user base and an increase in brand recognition across the continent.
Going into the future these education efforts are set to continue tailored to engage effectively with each different market.
In Africa, people can engage with FTX via our community events and through our social media channels.
Those in South Africa can also catch us live at the upcoming CryptoFest 2022, happening in Cape Town on 30 September 2022.
FTX is giving away 10 FREE tickets to the Crypto Fest 2022, 5 physical attendance and 5 virtual tickets.
Follow FTX Africa on Facebook or join their Telegram community channel @FTX_South_Africa to get more info about the giveaway!
FTX Africa event at the University of Health and Allied Sciences in Ghana in July 2022, with over 600 students in attendance.