Africa-Press – Tanzania. The African blockchain ecosystem will mature with more projects playing on the global field, experts now say.
This is after an outstanding year (2021) for the crypto ecosystem in Africa and the world, though heavily impacted by the pandemic.
Growth was recorded in the continent as well as noteworthy progress with innovation, regulation and adoption, Africa’s Director for Binance, Emmanuel Babalola, notes.
According to experts at Binance, a cryptocurrency infrastructure provider, there will be a continued increase in interest and innovation in decentralised finance in 2022.
In retrospect, decentralised finance has seen the establishment of fundamental building blocks like crypto lending.
However, there have been challenges in three areas; Seasoned hands, Liquidity and Social Fi or Game Fi.
“Despite the questionable foundation of meme coins, it appears there is no slowing down the growing number of users looking to make a quick buck,”Babalola said in a statement as the firm released its 2022 projections.
Crypto exchanges therefore will need to face the conundrum to protect non-crypto native users from the high risks associated with meme coins or provide users with the tokens they want to trade.
While the pool of crypto users compared to traditional finance is still very small, regulations could aid in bringing people from traditional finance over, experts say.
“The Binance team is looking forward to engaging further with all policy makers regarding the future of stablecoins,”Babalola said.
As the world of blockchain and cryptocurrency is just over a decade old, it is ripe with innovation.
Binance Labs identifies, invests and empowers viable blockchain entrepreneurs, startups and communities providing financing to industry projects that help grow the larger blockchain ecosystem.
Head of Binance Labs Fund, Bill Chin noted that by the end of 2022, the cryptocurrency infrastructure provider targets to have incubated a total of 50 portfolio projects that are world-class and industry-leading.
From last year’s performance and new year’s projections, it is evident that Africa’s current position in the global cryptocurrency ecosystem holds great potential with numerous opportunities for adoption and penetration to begin to enjoy the freedom of money.
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