Binance Looks for Investment Opportunities in Africa
A market with over 1.2 billion shoppers, millions of people who do not have bank accounts, and developing ecosystems that are soaring too fast is not a place for cryptocurrency bosses to ignore. In fact, Binance has already taken measures to seek and invest in cryptocurrency ventures in Africa.
The Director of Binance, Benjamin Rameau, has announced that they have already reached out to the community to aid their search for African projects. The director also mentioned that the whole essence of blockchains is to remove the financial borders, saying that the industrial revolution will change the whole world into unifying the economy, with no regard to the race or geographical location of the individual.
People link investment in Africa with charity or striving to have a diversified image. However, the case with Binance’s investment plans is for a guaranteed profit. The company’s head has gone on to say that people believe Asia is the place for investment opportunities in the future, whereas he believes it is Africa’s turn to take the wheel. He referred to African investments as “the best trade” in the 21st century.
There are many facts that can backup Rameau’s beliefs. In this time, Africa is having an increasing value of young people who are looking to start their business journey, thanks to the internet. On top of that, the main reason why the cryptocurrency industry would be perfect for African countries is that they do not have the stable, slow-moving banking system that other countries are trying to protect. In fact, most of the African countries are struggling with their ecosystem and would be more than happy to adopt cryptocurrency as a solution and lead the rest of the world into building the first macro cryptocurrency-based foundation.
Moreover, Africa has not been using their labor pool effectively. A crowdsourcing project that is looking for low-cost and hard-working labor would potentially function well in Africa. As the director puts it, while US workers may not appreciate a $3/hour pay, a young worker in Somalia would find the same rate very generous.