Arcane Research calls Africa a promising crypto region

21.05.2020 / Payment system news

Africa is currently one of the most promising regions in the world for the distribution and acceptance by the population of cryptocurrencies, according to analysts at the research company Arcane Research.

After conducting market research, they came to the conclusion that the territory has a unique combination of economic and demographic trends that can have a positive impact on technology in the future, despite the fact that now the overall adoption of digital assets remains relatively low. “The potential is huge, growth is fast, and the development of this region is likely to be decisive for the cryptocurrency industry in the future,” write Arcane Research.

Already, the African region is becoming interesting for large cryptocurrency companies such as Binance and Huobi, which seek to increase their presence here. So, the Binance marketplace opened a new subsidiary in Uganda, and also funded a new application for social payments called Bundle. The startup is trying to force African countries to use electronic assets not as a means of investing, but as global payment methods similar to Venmo and Square’s Cash App. The development will allow users to send, receive and spend bitcoins, ETH, BNB and Nigerian currency using a smartphone.

According to the researchers, most locations require significant investments, including building a crypto infrastructure (for example, a stable Internet connection, building electric networks), however, this underdevelopment provides great opportunities for projects and companies to benefit in the near future .