The African Crypto Community Will Feel the Effects of the FTX Crash for a Long Time
Nestcoin, a Nigerian cryptocurrency firm, announced layoffs last week after its FTX account was suspended as a result of the platform’s insolvency. And African cryptocurrency investors and entrepreneurs feel the aftermath will continue to have an impact on a small but essential economy. Africa has one of the fastest-growing crypto ecosystems in the world, with usage spreading across commerce, decentralised finance, remittances, and art NFTs. According to the analytics firm Chainalysis, Africa acquired $105 billion in bitcoin in the twelve months leading up to June 2021, making it the third-fastest expanding crypto economy.
FTX was widely utilised by Africans to hold their cash. Sam Bankman-Fried founded the exchange in 2019. He immediately established a reputation for himself by making substantial investments into the cryptocurrency ecosystem and professing to have philanthropic beliefs. FTX and its sister company Alameda Research have invested in a number of African businesses over the past couple of years, including the Nigerian cryptocurrency Nestcoin, the Kenyan remittance firm Chipper Cash, which raised $150 million last year at a $2 billion valuation, and the Kenyan start-up for digital finance Mara, which raised $23 million.
Adaverse from EMURGO Africa collaborates with Vibra, Cassava, and Bitkova to host a gathering of blockchain founders in Kano, Nigeria.
The Cardano Blockchain Founders Hangout #BFH is a special occasion that introduces young Africans to the Web 3 community of contributors and innovators building Africa’s rapidly expanding digital economy. This forthcoming #BFH Kano edition is powered by ADAVERSE in association with technology firms with an African emphasis, including VIBRA, CASSAVA, and BITKOVA. It seeks to bring together a wide pool of fintech talent and showcase the many prospects in the Blockchain sector.
Everyone is invited to attend #BFHKANO because the event is designed for young Nigerians looking for socially beneficial financial empowerment possibilities, even if they have no prior knowledge of cryptocurrencies or blockchain technology. A number of startup founders, business owners, investors, programmers, instructors, and aspirant entrepreneurs will be available for attendees to network with.
Meta introduces “#FlexNaija,” a groundbreaking initiative for African innovators.
‘#FlexNaija’ is a 360-degree campaign by the US-based multinational technology firm Meta that focuses on the metaverse and access points for content producers in Nigeria and the rest of the region, including Meta Spark augmented reality (AR), digital collectibles (NFTs), and avatars.
“#FlexNaija,” which debuted during the summer, included an incubator programme that brought together top content producers in the comedy, tech, lifestyle, fashion, and art sectors. Participants included Mark Angel Comedy, Josh2funny, Ayomidate, Miss Techy, Tolu Bally, and Santi, among others.