Tuesday, January 31, 2023
  • Binance has increased its focus on Africa by launching a crypto education hub in Yaounde, Cameroon.
  • The hub is located in the Quartier Bastos neighbourhood in the North of Yaounde
  • The hub will focus on demystifying web3 technologies and fostering opportunities in education in cryptocurrency

Binance, one of the world’s leading blockchain ecosystems and cryptocurrency exchanges, has increased its focus on Africa by launching a Binance crypto education hub in Yaounde, Cameroon.

This comes weeks after Binance announced that it will now offer a direct pathway for South Africans to buy cryptocurrencies on their exchange using the South African Rand. The crypto education hub is the first of its kind. However, many have quoted it has similarities to the Solana space launched in New York this July.

We opined about the utility of the physical web3 technology in Safrica soon after the launch of the Solana space. The Binance hub was launched in partnership with the non-profit Inoni tech hub.

Read: The addition of M-Pesa to Binance creates excellent possibilities for crypto trading

Binance crypto hub

The Yaounde hub will provide an in-person blockchain education training centre. In this hub, people can learn about blockchain and cryptocurrency technologies in a physical environment that will provide more than online education can about the technologies.

Adding an offline aspect to cryptocurrency education looks like a good move for Africa. The crypto education hub will serve Cameroon and the rest of Francophone Africa in cryptocurrency education.

Carine Dikambi, head of Binance in Francophone Africa, stated that Africans interact with cryptocurrency in different ways, and it was important to establish a connection through Binance.

The Binance crypto education hub will focus on demystifying web3 technologies and fostering opportunities. The hub is located in the Quartier Bastos neighbourhood in the North of Yaounde.

Crypto education hubs for Africa

The concept seems fit for Africa for many reasons. With limited access to the internet and electricity, an offline approach to cryptocurrency and web3 education has its merits. As noted by Dikambi, Africans interact with web3 in different ways. A physical presence with a local understanding can help to further education on web3 technology in Africa.

With people who understand the local populace and their idiosyncrasies better, bridging the gap between web3 technologies and the current state of the internet in Africa is likely to be done much better through the hub. A better understanding will foster better use cases and development of web3 technologies on the continent.

Read: Solana launches infrastructure to help understand and adopt web3 concepts

Binance focuses on Africa

It’s hard to miss the focus Binance has placed on Africa. Binance set the ground in 2017 as a cryptocurrency swap (trade) platform. The platform has rapidly established itself as one of the leading cryptocurrency exchanges. Recently Binance created a South African Rand gateway that would allow South Africans, who previously had to buy US dollars or trade through providers like VISA and MasterCard.

The launch of the education hub shows that Binance is focused on the possibilities of crypto and web3 in Africa.

More web3 hubs for Africa?

This is a step in the right direction for web3 technology and its promoters in Africa. We hope to see more such crypto education hubs from this point. Africa has a litany of business and entrepreneurship hubs, and the concept of education hubs for new technology is not foreign.

There are many arguments that suggest the idea will take route well and certainly grow in Africa. Good ideas spread almost as fast as rumours, so it should not be long before you find more reports of crypto hubs like this popping up. Assuming they stick to the concept of teaching web3 technologies in a way that caters to the populations they serve, we can expect to see many success stories in this arena.

Read: Binance holds talks with Africa’s largest economy to create a virtual cryptocurrency zone

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