Here’s what’s happening on Cointelegraph’s Web3 across Africa

Here’s what’s happening in Web3 across Africa

Whatever you call it – crypto, blockchain or web3 – this new segment of the digital economy is booming across Africa. If you slept in the sector, now is a good time to wake up.

Why? Well, for one thing according to According to analytics firm Chainalysis, the value of the African crypto market increased by more than 1,200% between July 2020 and June 2021. Led by particularly high adoption rates in Kenya, South Africa, Nigeria and Tanzania, Africa had the third fastest growing cryptocurrency economy in the world during this period. And that’s not all. Chainalysis also found that Africa leads the world in the percentage of total crypto transaction volume that comes from peer-to-peer, indicating that African consumers are increasingly finding solutions to explicit and implicit bans in crypto-unfriendly jurisdictions.

Michael Kimani is co-founder and growth leader at Fonbnk, the platform that makes it easy for millions of users in Africa and other emerging markets to participate in the Web3 economy simply by using their prepaid airtime.