With up to 23 African governments banning cryptocurrency, the future of crypto in Africa has been a rising concern. Despite this, Binance, the world’s largest crypto exchange platform by volume, is pushing for increased cryptocurrency adoption on the continent. To this end, the cryptocurrency infrastructure provider has launched a crypto education hub in Yaounde, Cameroon, via a partnership with Inoni Tech, a tech hub delivering training and resources for young people across Francophone Africa.
From Nigeria’s Co-Creation Hub to Silicon Cape Initiative in South Africa, tech hubs have immensely contributed to the growth and expansion of Africa’s tech ecosystem. What we have not seen much of, though, are niche tech hubs launched and run by global companies. With its latest move, Binance is pioneering a first-of-its-kind crypto hub in Cameroon and Africa. It will serve as an in-person training centre and resource library for young blockchain and crypto education enthusiasts.
The hub will be located in the Bastos region of Yaounde. At the hub, Binance will provide the needed internet connectivity to enable the proselytisation of crypto literacy and adoption while providing global job opportunities and skill acquisition programs. With 66.5% of Cameroon’s population without internet connectivity, it made sense that Binance established a physical site to train people in that region.
This move follows Binance’s introduction of a rand-based fiat gateway for South African users earlier this week.
“Africans continue to interact with crypto in very different ways, establishing some of its most important use cases and opportunities for greater financial inclusion. Through the Binance crypto hub, we see a more on-the-ground approach as an essential step in demystifying the concepts, fostering the right understanding of the many opportunities that education, web 3.0 and blockchain ecosystem can bring to Cameroon and ultimately, Francophone Africa,” Carine Dikambi, Francophone Africa Lead at Binance said in a post.
Since January 2020, when the Binance Africa team launched the Binance Masterclass Series with an in-person training attended by over 200 young people in Nigeria, Binance has steadily grown its footprints in blockchain ecosystem education across Africa. It has organised dozens of offline and online classes and trained over 600,000 Africans on cryptocurrency. This newly launched crypto hub takes Binance’s presence in Africa to a new height, increases its brand trust, builds its stakeholder connections, and cements Binance’s position as a significant player in Africa’s crypto space.