The African market’s interest and use of cryptocurrency is growing, but there is still huge scope for expansion.
This is according to leading cryptocurrency exchange FTX, which said it has had great success with its crypto education initiatives across the continent.
What is the state of crypto education in Africa – is the local market knowledgeable on the subject?
Africa has seen an increase in the interest in and use of crypto because we have a large market without banks, and the use of crypto has allowed more consideration for the non-banked, easier cross-border transactions and an alternative to general financial transactions.
Educational efforts have played an important role in the content to help people understand what cryptocurrencies are, how they fit into the financial sector, and how to help them in their individual capacity. We have come a long way and there is still much work to be done.
What is currently holding back crypto education in Africa?
The views and adoption of cryptocurrencies by different governments across the continent have varied widely from those who are curious and others who are learning about the new industry and coming up with relevant legislation.
Some countries such as South Africa and Nigeria have taken steps to build government-backed digital currencies or are at least in talks about it.
Recently, the SARB Prudential Authority issued a guideline stating that banks can offer services to crypto firms.
This is a positive step from the bank’s position a few years ago and is very good news for the responsible players in the sector who are able to provide good products that can serve people.
Why do you think crypto education is important for the local industry to grow as a whole?
Crypto education is enabling wider adoption.
The more people can better understand cryptocurrency, the more comfortable they are to venture into Web3.
In addition, there will be a greater potential for the development of new and local innovative ideas.
What is FTX doing to increase crypto education in Africa?
FTX provides crypto education through offline and online events in various parts of Africa.
We also work with various partners such as traders, mentors, influencers, ambassadors and other organizations.
Our goal for crypto education is to help Africans become familiar with the industry.
The vision is to help Africans gain more control over their money by learning how to do it themselves.
We want to teach them how to buy, sell, wager, lend and use a reliable platform to do so. Once they really understand it, they will be completely comfortable navigating Web3.
What results do you see 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 forward, these educational efforts will continue to be tailored to deal effectively with each different market.
In Africa, people can connect with FTX through our community events and through our social media channels.
Those in South Africa can also see us live at the upcoming CryptoFest 2022, which will take place in Cape Town on September 30, 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 learn more about the giveaway!
FTX Africa event at the University of Health and Allied Sciences in Ghana in July 2022, with over 600 students.