Solana Sets the African Cryptocurrency Market in Motion

The cryptocurrency market has taken off in the world's youngest and most connected continent: Africa. According to Oladotun Wilfred Akangbe, chief marketing officer of Flincap, a platform for exchanges over-the-counter, the credit for this is mainly due to the enviable resilience of Solana and its ecosystem.

The CMO, recently interviewed by the media covering the sector, noted how the cryptocurrency industry is steadily maturing and is now tranquilely able to face, even in Africa, challenges that in the past would have collapsed the market, on the Dark Continent.

A Resilient Community

Akangbe's words give good hope for the near future of cryptocurrencies, in a potentially huge market such as Africa's. Not only that. They give us a way to foresee greater possibilities for interchange and growth, internationally, should an interlocutor such as the continent enter the game at full capacity. It is also particularly significant that such a positive analysis is released at a moment full of challenges, from the introduction of cryptocurrency-based ETFs on the stock exchange to the judicial problems of prominent profiles in the sector, such as the former CEO of Binance.

According to Flincap's reflection, the adoption of a new technology and its impact on the status quo depend, to a large extent, on the vigour of its community. It is no coincidence that cryptocurrency-based projects constantly aim to solve the problems of the group of people most closely connected to them. Let us think, for instance, of the need to overcome obstacles related to annexes and international payments, sometimes made rather complicated by traditional finance. Cryptocurrencies have considerably simplified these two aspects, and this has led to an important growth of the entire ecosystem, year after year.

Solana leads the Diffusion of Web3 in Africa

Akangbe puts the role of Solana at the forefront of this process of evolution of the African crypto market. This is partly related to the fact that his statements were given to the press on the sidelines of an event completely focused on this currency, the Solana Allstars, organised by Nigerian enthusiasts of this currency. On the other hand, however, it must also be said that it is the most widespread cryptocurrency in the Dark Continent, whose popularity is constantly on the rise.

"Thanks to the communities built around various crypto projects, we are closer than ever to mainstream adoption."

He finally stated the CMO, also including other, unspecified currencies in his reasoning.

The Solana Foundation has initiated a variety of activities in Africa: meet-ups, hackathons and educational workshops, to bring local users closer to its ecosystem. These initiatives all aim to promote Solana, of course, but they also want to strengthen community engagement and promote the practical adoption of blockchain technology.

The Solana Communities are active at World Level

There are several working groups, active all over the globe, founded with the express purpose of promoting Solana. In Nigeria, for example, the aforementioned Solana Allstars team is very active in promoting Web3. Akangbe emphasised how his efforts can shift users' attention from the ephemeral price fluctuations of cryptocurrencies to the real usefulness of projects on Solana. In his opinion, local communities can give a big boost to specific ecosystems, such as Solana, but also to the entire industry.

The Future of Solana and Future of Crypto

In recent times, there has been speculation about a forthcoming launch of a Solana-based ETF on the financial markets, similar to those already existing and linked to BTEs and ETHs. In fact, Bloomberg has been very lukewarm about this possibility, at least within the year, but companies such as VanEck and 21 Shares have already approached the SEC about this possibility, sending their applications to the commission at the end of June. The fact that there is a move to bring Solana to the exchange speaks volumes about the potential of this cryptocurrency.

We at SpazioCryptowatch these developments carefully, as we believe that the intersection between traditional and decentralised finance is the inevitable future, as well as the quickest way to boost the confidence of the most sceptical towards the world of cryptocurrencies.