- Mara is an upcoming African crypto trading application that has its base in both Kenya and Ghana.
- KuCoin is an African crypto exchange located in Seychelles, Africa, and is currently pushing for top positions alongside Coinbase and Binance.
- The sheer achievements of these African crypto wallets showcase that Africa has the potential to achieve greatness.
Blockchain technology and cryptocurrency in Africa have transformed our view of the financial system. Crypto payments are gradually increasing in various countries. One such is South Africa, which has opted to view crypto as a financial product. Despite the slow but steady digital currency adoption in the economy of various countries, the growth of its crypto adoption rate is still at an all-time high. Due to this, various African crypto trading applications have spurred up over the years and are slowly taking over. Aside from the standard crypto organizations such as Yellow Card and Chipper cash, a few crypto trading apps have developed their African crypto wallets.
Knowing the platform to start trading your digital currencies journey is the second most crucial aspect taught to new African crypto traders. A few international crypto wallets have dominated the market for some time now. Applications such as Binance have inspired various African innovators to take matters into their own hands and develop their crypto wallets. Here is a list of crypto wallets for Africa by Africa.
African crypto wallets for Africa By Africa
A secure platform to conduct crypto payments and start your digital currency is on the top list of crypto safety anywhere within the globe. Africa is no exception. Despite the numerous hurdles caused by crypto scams, the reputation of legitimate African crypto wallets has improved. African crypto trading applications have currently skipped using third-party crypto wallets and opted to design their own. This is a significant step for Africa in terms of its blockchain prowess and crypto payments improvement.
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Here are the top four African crypto wallets guaranteed to provide efficiency and safety and promote blockchain development.
Luno crypto wallet
Luno is an African crypto trading application that debuted in 2012. It has one of the largest African crypto wallets today, all thanks to its sheer tenacity in expanding the use o digital currency in Africa. Today Luno has a strong base in Nigeria, South Africa, and Singapore.
It started as a South African firm during the final moments of Crypto’s Golden age when bitcoin was still at an all-time high. Luno offers various services, but its crypto wallet ensures security, privacy, and control over one’s digital currencies. South Africa’s embrace of digital currency ensured Luno’s growth, exponentially expanding its horizon beyond Africa’s borderThis African crypto wallet has more than 10 million active users across 40 different markets, and its number is consistently growing. Due to its user-friendly interface, it should be no shock that most African crypto traders opt to use Luno. Luno is among the few African crypto trading apps to offer zero transaction fees for any crypto payment services.
Mara is an upcoming African crypto trading application that has its base in both Kenya and Ghana. Its African crypto wallet garnered the attention of many users, especially with its recent launch in Kenya in 2022.
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Mara is backed up by various heavyweights in the crypto industry and acquired $23 million in fundraising rounds. Crypto figureheads that backed up this milestone; Coinbase Ventures, Alameda Research, Hubi and several other investors.The Mara wallet offers additional services that put its usage among the top African crypto wallets despite its relatively new age. Users can efficiently conduct crypto payments and withdraw their digital currency from their country’s fiat currency. Mara intends to broaden the concept of digital currency through its user. It offers various educational resources focused on cryptocurrency management.
The African crypto wallet aims to train 1 million blockchain developers in Africa. It has launched various events and campaigns to acquire Africa’s potent innovators. Their first effort t achieve this goal is through the hackathon dubbed “Hack the Mara“, which aimed at building crypto payment solutions to support Kenya’s Maasai communities. Mara wallet gained a large following after this initiative and has more than 2 million users.
Timi Ajoboye, Ire Aderinokun and Tomiwa Lasebikan founded this African crypto wallet in 2017. Initially, it was a way for Nigerians to have a safe and easy way of conducting crypto payments. It initially launched under the name Bitkoin Africa but later changed to its current name in 2018. The unique factor about this crypto coin is its diverse functionalities. It handles digital currencies in the form of crypto coins and offers users the option of buying and selling US shares such as Tesla and Amazon.
This partnership broadened the capabilities beyond its crypto and share functionalities, and now this African crypto trading app can accommodate veteran crypto traders. It has developed additional tools such as Sendcash Pay, a suite of developer tools that lets users add borderless payment experiences to their digital products. It has a clean record and is renowned for its safety.
KuCoin is an African crypto exchange located in Seychelles, Africa, and it is currently struggling for top positions alongside Coinbase and Binance. KUcoin’s glory comes from its sheer number of crypto users and functionalities. It started in 2017 but already has over ten million users and is stationed beyond Africa’s ecosystem.This is by far one of the most successful African crypto wallets. KUcoin advocates for adopting digital currencies in Africa and has given its users access to over 600 cryptocurrencies that are all available for crypto payments. This African crypto trading app offers users a wide array of functionality, and its wallet is just as secure.
It has a PC, website and mobile application, stretching its reach throughout Africa. In addition, it offers KYC verification and industry-standard security features in its crypto wallets. Unfortunately, its position on the list is due to suffering from an effective crypto hack in 2020. The hacker made off with $280 million worth of crypto, although fortunately, its insurance fund reimbursed and repaid all those who suffered.
The above list is a small sample of the African crypto wallets created by Africa for Africa. Others, such as BitFxt, an upcoming African trading app, served a mention.
The sheer achievements of these African crypto wallets showcase that Africa has the potential to achieve greatness. Gone are the days when we missed out on the Industrial Revolution. Now Africa is slowly dominating the digital currency world in crypto payment, and in a few years, we will be competing with top positions with first-world continents.