Nigeria Negioates with Binance for Developing Blockchain Hub for Digital Economic Growth

Nigeria and Binance, the crypto exchange Binance, are discussing the establishment of a digital hub in Nigeria similar to the Dubai virtual-free zone in order to encourage blockchain growth. according To the Nigeria Export Processing Zones Authority. 

Nigeria sees the development of a digital hub in Nigeria as a way to diversify its economic potential beyond crude oil.

The Nigerian government has been implementing crypto-friendly measures. The partnership will result in the creation a digital economic area that will offer more blockchain opportunities to entrepreneurs.

Blockchain.News reported that earlier this year, the Securities and Exchange Commission (SEC), established “rules for issuance, offering platforms and custody of digital assets” to help virtual firms. 

Many fintech startups, such as Interswitch and Flutterwave, have made significant moves in crypto space. They have surpassed a billion dollars. 

The digital economic zone, which is based on a growing population that is connected and youthful, will be a great tool to help you access more opportunities. 

Nigeria has been topping charts in many crypto areas. Block, Inc. conducted a survey and found that Nigeria had the highest level of Bitcoin optimism at 60%.

KuCoin also found that 35% of Nigerians have visited cryptospaces within the last 6 months. This is due to factors like high inflation rates, and the inaccessibility of financial services. 

Another important finding was that peerP2P (peer-to-peer) was a preferred strategy for Nigerians. This is because 65% of crypto investors in Nigeria made fiat deposit to cryptocurrencies via P2P platforms.

The digital economic zone aims to boost Nigeria’s crypto/crypto sector. 

Source: Shutterstock



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