As one of the most populous continents in the world, Africa continues to be an important target for blockchain proponents, as its adoption in the region could have a significant impact on the wider crypto economy. .
In an interview with Cointelegraph, Allen Wei, the CEO of crypto exchange LBank, explained that blockchain can have a significant impact on Africa. Additionally, Wei pointed out that adoption in the region can have an effect on crypto and stressed the importance of supporting projects across the continent.
With blockchain, an opportunity to solve Africa’s economic problems arises, according to Wei. With this, the executive pointed out that technology could create an inclusive society on the continent. He explained that:
“With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system could be built where more people will be employed and have access to greater wealth than ever before.
Apart from blockchain’s impact on Africa, the LBank CEO also pointed out that the region could also have a big impact on the broader crypto ecosystem. Due to the large population in the area, Wei believes that adoption in Africa would also facilitate the acceptance of crypto in other regions. Wei said:
“With so many people using cryptocurrency, it will become easier for others around the world to accept it as well, leading to a positive turnaround in the crypto economy.”
Furthermore, Wei also said that helping the region means the crypto space will simply have a wider reach. “If we can help Africa become one of the most crypto-friendly continents on the planet, we can reach a wider audience than ever before,” he said.
In addition, the LBank leader also talked about the importance of finance the growth of local projects In the region. Although the region has potential, Wei noted that crypto and blockchain projects in Africa often face funding challenges.
The CEO of LBank also mentioned that this is one of the reasons why their venture capital arm has launched an accelerator program to help local projects on the continent. Wei believes that through this, more jobs could be created and the region’s income could increase.