Ethereum’s intent to make Africa the Top Market place for Cryptocurrency
- Mauritius’ launch to become the next ‘Ethereum Island.’
- Africa’s untapped potential draws the attention of Ethereum co-creator Viltalik Buterin.
- Zambia has begun discussing incorporating various policies to enable cryptocurrency and other tech ventures within its economy.
Ethereum is the second largest cryptocurrency in the world today, and some have speculated its inevitable dominance over its long-term crypto rival, Bitcoin. It recently has its sights on increasing cryptocurrency in Africa, establishing an Ethereum ecosystem in various countries.
Its coin Ether(ETH) has dominated the market for several years, only being second to bitcoin. Today, however, we’ll focus mainly on the various strides Ethereum has taken to enlist Africa in the world of cryptocurrency. We are essentially diving into the concept of Ethereum in Africa.
Ethereum’s Intent for Africa
Various African countries have begun to notice the lucrative venture involving cryptocurrency, and what seemed like a small ripple has turned into waves. Countries such as Kenya, Zambia, South Africa and Mauritius have each taken various steps to improve their understanding of crypto.
This wave did not go unnoticed as Ethereum creators launched the idea of increasing their reach to Africa. Its expanded state of adoption has encouraged investors and innovators to take the risk and start various programs within the continent, achieving the concept of ‘Ethereum in Africa’.
Ethereum co-founder Viltalik Buterin expressed his support when a group of young entrepreneurs from Zambia expressed their interest in transforming their country into an African Technology Hub. Polygon, a scaling layer for Ethereum, has defined its interest in investing in Jambo, a token developed in the Democratic Republic of Congo.
There are numerous investments, all trying to be big, and Ethereum’s name won’t miss out on each one. Rakesh Sharma, a renowned technology journalist, stated that despite Africa’s rare mention among large markets for cryptocurrency, its progress is set to steal the spotlight from the rest. Below are the recent and prominent ventures that Ethereum took to solidify its market within Africa.
Ethereum’s ETHSafari in Kenya
ETHSafari is an event held in Kenya to create awareness and celebrate the Ethereum ecosystem. It aims to slowly but surely transform Africa. The event is said to also delve into other activities such as learning, hacking, and resource sharing.
It’s a step to solidify their position and usher in the decentralized future that the global Ethereum ecosystem aims to achieve. By incorporating experts and enthusiasts all across, Africa, it gets rid of the essential stereotypes that surround cryptocurrency. Seeing is believing in Africa, and by showing proof of work, the event aims to incorporate Kenya into Africa’s untapped market group fully.
They are essentially promoting the use and exchange of other cryptocurrencies and Ethereum in Africa while promoting any Ethereum startup ideas.
It also coincides with the Ethereum merge, set on September 19th,2022.
Ethereum’s backup to Zambia’s bid to be Africa’s Technology Hub.
As previously mentioned, Viltalik has expressed his interest in supporting Zambia’s move to dive into cryptocurrency. A group of entrepreneurs expressed their zeal and interest in achieving their goals by taking various measures.
They began talks with their government about creating new regulations and drafting new policy proposals to attract more capital, tech firms, and organizations.
Their efforts met positive remarks from Zambian President Hakainde Hichilema. If the project succeeded, it would attract several tech firms, boost employment nationwide, and achieve one of his election pledges.
Buterin, a critical figurehead in Ethereum’s creation, expressed his support for the new move at a virtual conference meeting with the president. It later resulted in a visit to establish better relations between Ethereum and Zambia.
Mauritius’ move to become the next Ethereum Island
ConsenSys, an Ethereum startup, recently explored a partnership with Mauritius. The collaboration brought fruit to ‘Ethereum Island’, a blockchain technology hub. The tiny Island nation is, in fact, one of the earliest adopters of blockchain technology, and it’s most likely to be the first to adopt the Ethereum ecosystem fully.
Its lack of vast resources and workforce essentially means that the nation can easily make a transition of currency. ConsenSys saw this opportunity and began talks and collaboration with its government to adopt Ethereum as a new currency.
If the program succeeds, Mauritius will be the First Country to incorporate cryptocurrency in Africa as a currency.
Africa has always been considered a rich resource for various items and ventures. As such, it has formed the backbone of multiple companies. Cryptocurrency is relatively new to her, but different African nations have taken steps to pioneer its path.
Ethereum in Africa is a highly achievable concept and can go beyond being the dominant market. This concept is realized by multiple Ethereum startup all over Africa.
Despite various negative feedback from multiple analysts and nations, the potential of Africa leading in the cryptocurrency world is reachable. Ethereum’s numerous plans and projects within different African countries are proof of such a concept, evidently leading to various Ethereum startup companies.