Jump into the world of cryptocurrencies in Africa this week and find out as the Kenya Fire Brigade Union piles on Bitcoin in the latest cryptocurrency movement in Kenya. Meanwhile, cryptocurrency adoption in Nigeria continues to grow at exponential rates, and CEX major Bybit is targeting the cryptocurrency market in Africa.
The cryptocurrency scene is closing out 2024 on a high. A lot has happened this week, and it’s time to take stock of the events: important conferences on the African continent, interesting research findings, and even more exciting news about cryptocurrency adoption in Africa. Let’s explore a few of these highlights.
Cryptocurrency News in Kenya: Jack Dorsey Supervises Cryptocurrency Conference in Africa, Fire Brigade Union Forms Bitcoin Reserve
Former Twitter CEO Jack Dorsey was in Nairobi this week to attend the African Bitcoin Conference. Dorsey left the social media platform in 2022 and became a Bitcoin ambassador.
The conference aims to promote awareness of Bitcoin and its use on the continent. Leading cryptocurrencies are making a comeback, reaching historic highs of $100,000 in December, and all perceptions of price caps are now being reconsidered.
Jack urge Participants to embrace Bitcoin as a development tool. The region faces major challenges related to corruption and currency devaluation.
Bitcoin offers an alternative financial system and store of value. Kenya already has one of the highest adoption rates on the continent, and further usage could boost the region’s importance in global cryptocurrency circles.
Other attendees included senior executives from Gridless, a cryptocurrency mining company; Bitcoin Dada; And the Human Rights Foundation.
Amid this, the Kenya National Fire Brigade Association (KENFIBA) has become the first trade union in the country to adopt Bitcoin .cwp-coin-chart svg path { stroke: ; Stroke width: ; }
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Proof of Workforce, an NGO aiming to encourage Bitcoin adoption among trade unions and workers, made the historic announcement during the African Bitcoin Conference in Nairobi.
𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: KENFIBA, the Kenya National Fire Brigade Association adds Bitcoin to its balance sheet, becoming the first trade union in Kenya to own Bitcoin!
It is likely the first trade union on the continent to own Bitcoin
– Workforce Proof (@workforcebtc) December 11, 2024
As reported 99 BitcoinKENFIBA also received a cryptocurrency donation “to improve emergency response systems, member recruitment, and overall operational efficiency within the organization.”
Cryptocurrency News in Nigeria: Wallet Adoption Booming
According to a ConsenSys report, Nigeria has higher Crypto wallet adoption rates globally. The West African country is a continental powerhouse, with more than half the population reporting ownership of a cryptocurrency wallet. South Africa ranks second on the continent with impressive adoption rates as well.
On other continents, the United States leads wallet adoption in the Americas, while Türkiye leads in Europe. In Türkiye, high inflation and currency depreciation have stimulated cryptocurrencies, especially the use of USDT.
Conversely, the survey shows that less than 40% of respondents in Japan, Argentina, and Canada own cryptocurrencies at all.
Overall, wallets are useful tools for owning and controlling crypto assets. They store the user’s private keys, which allow access to the currency. These impressive adoption rates in Nigeria mean that users are keen to explore cryptocurrencies and integrate them into their daily lives. This use is vital in a country with a volatile currency and a large informal economy.
Such developments indicate that Africa is becoming an emerging hub for cryptocurrencies. this This is a positive development for a continent that lags behind in most economic indicators.
Cryptocurrency news in Africa: Bybit expands focus on cryptocurrencies in Africa
Bybit is one of the largest cryptocurrency exchanges in the world expansion Its services in various African countries. To enhance its activities, the exchange renewed its commitment to trading services for users in Kenya, Ethiopia and South Africa.
Bybit has announced improvements to its advertiser program to encourage consistency and engagement on the platform.
According to Sales and Marketing Director Joan Han, the exchange is “Dedicated to driving growth in emerging markets,” taking into account diverse customer needs, which come “in all shapes and sizes.”
The Permanent Exchange is expanding its services and rewards to African users to boost uptake on the continent. This move indicates the platform’s confidence in the continent’s potential as a growth engine.
Explore: Africa Cryptocurrency Week in Review: Luno grows fast, yellow card eyes Nigeria as startup raises over $8 million
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The post Africa Crypto Week Review: Former Twitter Founder Attends Bitcoin Conference in Nairobi Wallet Adoption Booms in Nigeria, as Bybit Expands appeared first on 99Bitcoins.