Chatting with a team of crypto media outlets, the Binance CEO, CZ, has said that Africa is a strategic market for the crypto exchange.
Binance is the largest crypto exchange by volume worldwide. The crypto exchange believes that over a 5-15 years period, Africa has a massive role to play in the crypto space.
“Africa will play a considerable role that people don’t realize yet. Africa is an extended play and a place of interest for us.
If you want investment returns in six months, Africa is not the best place to invest. However, we are looking at this at a 5,10- and 15-year horizon. I think Africa will be huge.”
CZ said while responding to a question from Bitcoin KE.
CZ also discussed how Binance is looking at this extended play. He said that education would be critical in this journey as a company.
He talked about the thriving P2P market in Africa, and he believes financial institutions are instrumental in furthering crypto adoption in Africa.
“Without banks, P2P doesn’t flourish. Countries with currency devaluation are where adoption is taking place.”
Africa has less infrastructure to replace. Similarly, the continent’s experience with mobile payment systems is not remarkable. So, CZ believes replacing traditional financial methods in Africa will be easier than established, and big markets like the US, China, and Japan.
One particular use case that was mentioned is payments. According to CZ, Binance is likely to build a payment service, an app payment service. Thie payment service might start operation across Africa first.
So far, Binance has educated over 50 000 Africans in 2020 via its masterclasses. Moreover, they hope to continue these efforts.
Binance recently reported P2P revenues of over $280 million in Africa in 2020. This kind of trade volume signals a considerable market opportunity for the company in 2021 and beyond.
Binance CEO is confident that the future for crypto in Africa is vast.