Crypto
Harnessing cryptocurrency to widen financial inclusion in Africa
As we commemorate Africa Day, it’s crucial to reflect on the strides made toward economic empowerment and financial inclusion across the continent. Amidst the array of challenges, one notable phenomenon stands out: the rise of cryptocurrency.
Cryptocurrency adoption in Africa has sparked significant transformations. Across the continent, it is enabling individuals to access financial services previously out of reach for many. This technological advancement is narrowing the gap between the banked and the unbanked, offering a lifeline to millions excluded from traditional financial systems.
Think of a migrant worker sending money back home to his family overseas. In many countries, there are sizeable groups of people who cannot afford to sustain a bank account. At the same time, such people would struggle to meet the fees associated with conventional remittance services.
This challenge represents a vast segment of the global population. Globally, an estimated 1.4 billion people remain unbanked as of 2021, as per the most recent comprehensive estimate by the World Bank. This number is equal to roughly a quarter of the global adult population.
In light of these challenges, cryptocurrency is enabling individuals from all walks of life to access financial services previously out of reach for many from traditional financial systems.
At the forefront of this evolution are industry leaders like Binance, contributing to positive changes in Africa’s financial landscape. Through user-friendly platforms and educational initiatives such as Binance Academy and Binance Charity, they facilitate transactions and promote financial literacy and philanthropy. These efforts underscore the potential for crypto adoption to reshape financial norms.
The recent surge in Bitcoin prices further underscores the potential of cryptocurrencies to generate wealth and economic opportunities. Africa’s cryptocurrency landscape witnessed a remarkable surge in February 2024, echoing the global trend, with total market capitalisation soaring by 40 percent. In December 2023, the monthly change in crypto market capitalisation was 15.2 percent, but February 2024 witnessed a remarkable acceleration to 40 percent.
Beyond benefiting investors, this surge provides ordinary Africans with new avenues for prosperity. Whether through remittances, cross-border trade, or protection against inflation, crypto adoption offers a decentralised alternative that transcends borders and empowers individuals.
However, amidst the promise, challenges persist. Regulatory uncertainties and infrastructure deficiencies pose obstacles to widespread adoption. Collaboration among governments, regulators, and industry stakeholders is essential to cultivate an environment conducive to crypto innovation. Clear regulatory frameworks, investment in technological infrastructure, and education, are vital to unlocking the full potential of cryptocurrency adoption in Africa.
Looking ahead, Africa stands at a crossroads. The adoption of crypto presents a unique opportunity to redefine the continent’s financial landscape, fostering inclusivity and economic empowerment for all. With visionary leadership, strategic partnerships, and a commitment to innovation, Africa can lead the world in harnessing the transformative power of cryptocurrency.
On this Africa Day, let us celebrate the progress made and recommit ourselves to building a more prosperous and inclusive future for all Africans, driven by the transformative potential of crypto adoption, one step at a time.
Binance, the largest cryptocurrency exchange by trading volume, serving 190 million users across 100 countries, is taking pizza to the moon for Bitcoin Pizza Day. Over six days, Binance will be distributing more than 5,000 pizzas globally to reach consumers worldwide for Bitcoin Pizza Day. Binance is taking steps to truly own the holiday on a global scale, delivering on its mission to educate and engage with both crypto and non-crypto users.
Hannes Wessels is the Country Head for Binance in South Africa
Crypto
Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism
Swagger remains his currency.
High-flying Eric Adams returned from his post-mayoralty travels to unveil the “NYC Token” on Monday, moving forward on his bizarre vow to tackle antisemitism with cryptocurrency.
Adams announced the crypto coin in Times Square, surrounded roughly a half dozen reporters curious to see what the former mayor would say in his first public appearance since leaving office not even two weeks ago.
“One focus we have on this New York City coin is to use the revenue generating to address anti-Americanism, antisemitism, to teach our children how to embrace the blockchain technology of how to run cities correctly,” Adams said.
“As Walmart is using blockchains to deal with their food chain and transparency, we know cities can run better, and by using this New York City token, this New York City token, we’re going to continue to invest in making our city a safer city.”
While the former Hizzoner was still vague on details, the broad strokes of his grand plan are essentially that profits from the “NYC Token” will go into a still-unnamed nonprofit, which will then fund groups that combat antisemitism.
Historically black colleges and universities also will somehow be involved in Adams plans, he said.
“I’ve talked about it often, I want to get on our college campuses and make sure that we start the process of having our young people appreciate our country today,” he said.
The crystal-loving, ghost-believing Adams made clear early in his first and only term that he was a devotee of the magic of cryptocurrency. He famously took his early paychecks in cryptocurrency and cultivated close ties with Bitcoin billionaire and former “The Mighty Ducks” star Brock Pierce.
Adams is one of three creators behind the “NYC Token,” he said, noting Pierce was not involved.
He said the other creators are listed on the crypto coin’s website, but the page remained blank Monday other than two slogans and a link to follow the token’s X account.
For those worried the whole venture could be a money-making scam, Adams promised he wouldn’t take a salary — at least at first.
“I’m not taking a salary at this time,” he said. “Down the line, if you take the determination of doing so, we will reveal that.”
The famous frequent-flyer-mile-collector said he had been spending his days since leaving office in Dubai and the Congo.
The jet-setter ex-mayor teased that he will be working with other countries across the globe and bringing the Big Apple’s “levels of services” abroad.
Mayor Zohran Mamdani didn’t seem too jazzed about his predecessor’s plans. When asked if he’d buy one of Adams’ crypto tokens, the new mayor had a one-word reply.
“No,” Mamdani said with a smile.
Financially Settled Ether (“FET”) Futures
| Vendor | Front Month | M25 Contract |
|---|---|---|
| Activ Financial / Options Technology | FET/*.CF | FET/25M.CF |
| BarChart | Y9*0 | Y9M5 |
| Bloomberg | FET = FTEA Curncy | FET = FTEA Curncy |
| CQG | FET? | FETM25 |
| DevExperts | /FETM25:XCBF | /FETM25:XCBF |
| DTN IQ | @FET | @FETM25 |
| DTN ProphetX | @FET | @FETM25 |
| Factset | FET.1-USA | FETM25-USA, FETM25-CBF |
| Interactive Data / ICE | F2:FET1C | F2:FETM25 |
| LiveVol | N/A | FETM25 |
| Morningstar | FET0Y | FETM25 |
| PICO | FET/M5 June 2025 | FET/M5 June 2025 |
| Silexx | N/A | FET/M25 |
| Six-Group | FET | FET5M or FETM5 |
| TradeStation | FETM25 | FETM25 |
| Trading Technologies | FET Jun25 | FET Jun25 |
Financially Settled Bitcoin (“FBT”) Futures
| Vendor | Front Month | M25 Contract |
|---|---|---|
| Activ Financial / Options Technology | FBT/*.CF | FBT/25M.CF |
| BarChart | Y7*0 | Y7M5 |
| Bloomberg | FBT = FXBA Curncy | FBT = FXBA Curncy |
| CQG | FBT? | FBTM25 |
| DevExperts | /FBTM25:XCBF | /FBTM25:XCBF |
| DTN IQ | @FBT | @FBTM25 |
| DTN ProphetX | @FBT | @FBTM25 |
| Factset | FBTC.1-USA | FBTCM25-USA, FBTCM25-CBF |
| Interactive Data / ICE | F2:FBT1C | F2:FBTM25 |
| LiveVol | N/A | FBTM25 |
| Morningstar | FBT0Y | FBTM25 |
| PICO | FBT/M5 June 2025 | FBT/M5 June 2025 |
| Silexx | N/A | FBT/M25 |
| Six-Group | FBT | FBT5M or FBT5M |
| TradeStation | FBTM25 | FBTM25 |
| Trading Technologies | FBT Jun25 | FBT Jun25 |
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