Akon is making big move in Africa. In Kenya Akon is planning to build a crypto city. He got 2000 acres of land in Senegal to construct a cryptocurrency smart city. He is looking for making applications on Stellar to be able to link up Fiat wallets which are your liquid cash and crypt currencies. Now Akon is seeking permission from the governments. According to reports he has received permission from some government authorities. There is a lot of demand for crypto in Kenya, Senegal, Nigeria and Ghana during this Corona Virus time.
Binance is also there in Kenya and many other African countries and they have a crypto startup named Bundle. In this application customers can put their crypto currencies and other fiat currencies to make some savings for them. At this time the hyperinflation on the fiat money is killing the value of all the paper currencies.
The reason why Akon and Binance going behind Africa is because of the abundance of natural resources. That is the same reason the Chinese are also moving to Africa now a days. As many of the African countries are third world developing countries, you can gain huge profits with minimal investments. Majority of the African people don’t even have a bank account. It will be a huge gain if this investors can give some crypto startups for the African people to start some savings.
In many regions of Africa, people do not have proper identification documents and property ownership documents in their custody. If they can get an opportunity to start saving with this crypto startup they can even get loans and other benefits based on their savings and credit history. So, they can build a house or start a new business or give higher education and nutritional foods to their children. Here they are giving hope to the people along with the opportunity for banking. I hope these digital transformation initiatives will ease up the COVID-19 relief efforts in the African continent.
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