A meeting with the Ivory Coast president was conducted by Binance CEO and founder Changpeng Zhao, “CZ,” on Tuesday to discuss the company’s plans for expansion into Africa.
According to a statement released by the president’s office, CZ visited with Alassane Dramane Ouattara, the country’s leader and Minister of Economy and Finance. CZ and the president addressed a wide variety of subjects, with an emphasis on the economic, financial, and regulatory ramifications of incorporating cryptocurrencies into Côte d’Ivoire’s banking system.
Officials in Côte d’Ivoire spoke about economic and financial difficulties associated to cryptocurrency access and the integration of this activity into commerce.
As a result, President Alassane OUATTARA and the government were asked for their help in bringing crypto trading to their country’s commercial exchanges. To develop a foothold on the African continent, Binance CEO has launched a series of charm offensives throughout the world. His second meeting with an African head of state regarding cryptocurrency and Web3 after meeting Yoweri Kaguta Museveni of Uganda in 2018.
CZ had tweeted earlier this week that “Africa is poised for crypto adoption,” citing the fact that blockchain can be used on a smartphone to facilitate this. The reason for his trip to the West African country, he said in a subsequent tweet, was that they were “Working on adoption, all across the globe.”
As the second-most populated continent in the world, Africa still has just 2% of the global cryptocurrency market capitalization, even though it has 1.5 billion inhabitants. Binance has the chance to fill the hole left by conventional banks in Africa, which accounts for around 80% to 90% of the continent’s population.
Cryptocurrencies have gotten a warm welcome in Africa because many users feel this is the windfall they have been waiting for in the face of inflation. As of recently, the Central African Republic became the first African country to recognize Bitcoin as legal tender, with more indications that crypto-friendly policies or even swallowing the orange pill may be forthcoming.
In terms of daily users and trading volume, Binance is the biggest cryptocurrency exchange in the world right now. Peer-to-peer users on Binance in Africa grew by 3,435 percent between 2017 and 2021. According to The Africa Report, the platform saw a 480 percent increase in the number of African traders and a 589 percent increase in trading volume.