Innovative Strategies for Crypto Onboarding in Africa: A Discussion with Fonbnk Founder
Summary:
Christian Duffus, founder of Fonbnk, discusses innovative ways to onboard new crypto users in Africa on episode 28 of Hashing It Out. Fonbnk aims to provide on-ramps and off-ramps for individuals in cash-centric economies, leveraging the growth of mobile money on the continent. Duffus also highlights the impact of education, regulation, and decentralized applications in Africa's cryptocurrency ecosystem. Listen to the full episode on popular podcast platforms.
The African continent has emerged as a promising market for cryptocurrency adoption due to several factors, including its young population and the challenges posed by governments' flawed economic management and inadequate financial infrastructure. In the latest episode of Hashing It Out, Elisha Owusu Akyaw discusses the intricacies of onboarding users from Africa with Christian Duffus, the founder of Fonbnk. Duffus shares his innovative ideas for introducing new crypto users in developing markets and highlights the impact of education and regulation on the onboarding process in Africa. Fonbnk was established by Duffus to offer a range of channels for individuals in cash-centric economies to enter the Web3 industry in developing countries, inspired by the rising popularity of mobile money on the African continent. Fonbnk's applications, such as their conversion of digital credits like airtime into cryptocurrencies like USD Coin (USDC), provide a unique approach to global transactions. Duffus explains that leveraging Web3 technology makes sense in a region where many individuals are unbanked. In terms of regulation and the future of Africa's cryptocurrency ecosystem, the Fonbnk founder believes that favorable regulations will eventually be implemented, although it may take some time. Additionally, he predicts that decentralized applications specific to the continent will be launched in the coming months. To listen to the full episode of Hashing It Out, visit popular podcast platforms such as Spotify, Apple Podcasts, Google Podcasts, or TuneIn. For more informative podcasts, explore Cointelegraph's comprehensive catalog on the Cointelegraph Podcasts page. Please note that this article is intended for general information purposes only and should not be regarded as legal or investment advice. The opinions expressed here are solely those of the author and do not necessarily reflect or represent the views of Cointelegraph.
Published At
9/1/2023 3:20:00 PM
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