Binance Labs Director Benjamin Rameau has stated that Africa is front and center of the company’s expansion strategy as it bets on a vision of the 21st century driven by the world’s youngest population gaining increased access to technology and opportunities.
In a detailed blog published on his Medium page, Rameau comprehensively outlines why Binance believes that the future is African, starting with a historical comparison to Asia in the 1960s – also an under-serviced continent with a poor population.
According to him, the same contrarian investment strategies that proved extremely successful as Asia kicked off an economic miracle in the face of all expectation are likely to reap similar rewards in 21st century Africa.
The post goes on to state that unlike in developed markets where it competes with a flawed existing financial system, crypto has the potential to build a completely new financial system in parts of Africa where to all intents and purposes none currently exist, such as South Sudan where only 9 percent of people over 15 years old have a bank account.
Earlier when CCN reported on Binance opening up in Uganda, the story noted that Ugandans’ access to financial services has grown rapidly over the past decade, driven by digital inclusion through a wide adoption of mobile money platforms. According to a World Bank news report, there has been an over 100 percent rise in the number of adult Ugandans with access to formal financial services since 2009, but the total percentage of the population with this access is still about 16 percent.
From a Binance perspective, this scenario contains the real possibility for huge growth. Essentially, an entire generation of hundreds of millions of young, technology-receptive people could come into crypto finance as their first ever experience of a structured financial system, establishing crypto as a default paradigm on the world’s largest inhabited continent, which would be game-changing for crypto perception and adoption worldwide.