While Russian President Putin held the First Russia-Africa Summit in Sochi, Binance CEO Changpeng CZ Zhao also addressed Africa.
The Russian authorities evaluated the results of the Russia-Africa summit extremely positive. And this is despite the fact that Russia has written off $ 20 billion in debt to African countries. But on the other hand, $ 125 billion of contracts have been signed.
The head of Binance CZ instantly reacted to the new trend and expanded the exchange’s activities to the African continent. Already today, users in Nigeria can buy Bitcoin, Binance Coin (BNB) and the new stablecoin Binance BUSD with bank card. This became possible through the collaboration of Binance with fintech company Flutterwave from Lagos, the capital of Nigeria. Previously, Binance has already launched the Binance Uganda platform. Next in line are such developed countries of the African continent as Kenya and South Africa. Binance has already announced that it will launch fiat pairs based on local currencies BTC / KES (Kenyan shilling) and BTC / ZAR (South African rand). CZ emphasizes that Africa has tremendous potential for the development of cryptocurrencies, given the volatility of local currencies and the lack of access to banking services for the majority of the population. He notes:
– In Sub-Saharan Africa, about 95 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation. Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.
CEO and Co-Founder Flutterwave Ulugbenga Angbula (Olugbenga Agboola) notes:
– What we do at Flutterwave is create possibilities for the everyday African to become prosperous. We create opportunities for the everyday African to reach prosperity levels that were beyond them in the past. That’s what this partnership is about. Africans are firmly part of the global financial community, Flutterwave is ensuring this.
Undoubtedly, CZ again opens a new trend in crypto industry, as it has already done more than once. According to macroeconomists, Africa will soon show explosive economic growth. China has long been operating in Africa. Now Russia is returning there. And crypto comes in.