Binance is a partner of CAF, sponsor of AFCON

In an attempt to further bolster its popularity and drive cryptocurrency adoption in Africa, Binance, the largest cryptocurrency exchange by trading volume, will be one of the sponsors of the TotalEnergies Africa Cup of Nations tournament to be held in Cameroon.

Binance sponsors AFCON 2021

The crypto exchange did this advertisement yesterday, where it revealed that it would be the exclusive cryptocurrency and blockchain platform for the AFCON 2021 tournament.

Binance continued that it would also partner with the African Football Confederation (CAF) on Assist of the Day / Binance Assist of the Week / Binance Assist of the Tournament, which would be promoted on all of the association’s social media accounts.

Speaking about this partnership, CAF Secretary General Veron Mosengo-Omba said the partnership would allow the leading cryptocurrency company to connect with its users and the African community through soccer.

Binance Africa Director Emmanuel Babalola, for his part, said that:

“Soccer is the most popular sport in Africa, one that unites the entire continent, and as the main blockchain ecosystem, we are proud to be an official sponsor of the AFCON tournament. This corroborates our mission to bring the crypto stream to the entire continent. “

Notably, Binance isn’t the only crypto exchange looking to help increase industry adoption around the world. Various exchanges like FTX, crypto.com, Y coin base They have entered varying degrees of strategic partnerships and endorsements, which would help increase exposure for their services and, at the same time, attract more people to the industry.

Cryptocurrency adoption in Africa

Crypto adoption exceeds 800% on the African continent, making it the fastest growing crypto market in the world, according to one of our previous reports. reportit was launched last year.

The report also noted that the continent’s retail transaction volume was around 7%, while the rest of the world averaged 5.5%. This means that cryptocurrency exchanges in Africa are being largely traded by small-scale investors who are mainly in markets such as Kenya, Nigeria, and South Africa.

Luno, a popular crypto startup on the mainland, late last year revealed that 45% of its new 1 million clients were on the mainland.

Crypto adoption on the continent is largely driven by peer-to-peer (P2P) transactions. Furthermore, the fact that the national currency of most countries in the region has lost its value due to the coronavirus pandemic and rising inflation has driven many citizens to the crypto space.

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Source: https://cryptoslate.com/binance-partners-caf-sponsors-afcon/

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