Ex-Twitter Founder Joins Bitcoin Conference in Nairobi

This week, the crypto landscape in Africa is buzzing as the Kenyan Fire Brigade Union embraces Bitcoin in a significant crypto initiative. Simultaneously, Nigeria’s cryptocurrency adoption is experiencing remarkable growth, and the major cryptocurrency exchange Bybit is intensifying its focus on the African market.

The year 2024 is coming to a close on a promising note for the crypto community in Africa. This week has witnessed substantial developments, including key conferences, intriguing research results, and noteworthy advancements in crypto adoption. Let’s delve into some of the standout moments.

Kenya Crypto Highlights: Jack Dorsey at Bitcoin Africa Conference and KENFIBA’s Bitcoin Adoption

Former Twitter CEO Jack Dorsey graced Nairobi with his presence at the Africa Bitcoin Conference this week. Since stepping down from his role at the social media giant in 2022, Dorsey has championed Bitcoin.

The conference aimed to enhance awareness and utilization of Bitcoin across the continent, which recently reached historic prices of $100,000 in December, prompting a reevaluation of previous price ceilings.

Dorsey encouraged attendees to view Bitcoin as a vehicle for development, pointing out the region’s struggles with corruption and currency devaluation. Bitcoin presents a viable alternative financial system and a means of preserving value. With Kenya already enjoying one of the highest adoption rates in Africa, increased usage could elevate the nation’s standing in global crypto discussions.

Other influential figures at the event included leaders from Gridless, a crypto mining enterprise, Bitcoin Dada, and the Human Rights Foundation.

In a landmark moment, the Kenya National Fire Brigades Association (KENFIBA) became the first labor union in Kenya to incorporate Bitcoin into its reserves. This announcement was made by the NGO Proof of Workforce, which aims to drive Bitcoin adoption among labor unions and workers, during the conference in Nairobi.

𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆: KENFIBA, The Kenya National Fire Brigades Association adds Bitcoin onto their balance sheet, becoming the first labor union in Kenya to hold Bitcoin!

Potentially, the first labor union on the continent to hold Bitcoin pic.twitter.com/1ugLlToBdF

— Proof of Workforce (@workforcebtc) December 11, 2024

Additionally, as reported by 99Bitcoins, KENFIBA recently received a cryptocurrency donation aimed at enhancing emergency response systems, improving member recruitment, and boosting operational efficiency.

Nigeria Crypto Update: Boom in Wallet Adoption

The latest ConsenSys Report reveals that Nigeria boasts the highest global rates of crypto wallet adoption. With over half of its population owning a crypto wallet, Nigeria is a leading force in continental crypto usage, while South Africa follows closely behind.

Across other regions, the United States leads the Americas in wallet adoption, whereas Turkey is at the forefront in Europe, driven by high inflation rates prompting greater reliance on cryptocurrencies, especially USDT. Conversely, less than 40% of individuals in Japan, Argentina, and Canada report having ever owned crypto.

Wallets serve as essential tools for storing and managing crypto assets by keeping users’ private keys, which grant access to their coins. The impressive adoption rates in Nigeria indicate a burgeoning interest in incorporating cryptocurrency into daily transactions, particularly crucial in a country with a volatile currency and a significant informal economy.

Such trends underscore Africa’s emergence as a vital player in the crypto landscape, marking a positive shift for a continent that often trails in various economic measures.

Africa Crypto News: Bybit Enhances Focus on the African Market

Bybit, one of the globe’s leading crypto exchanges, is expanding its services throughout several African nations. The platform has reaffirmed its commitment to merchant solutions tailored for users in Kenya, Ethiopia, and South Africa.

Additionally, Bybit is enhancing its Advertiser Program to boost consistency and engagement on its platform.

According to Joan Han, the Sales and Marketing Director of Bybit, the exchange is “committed to fostering growth in emerging markets,” accommodating diverse customer needs and adapting to their varying forms and sizes.

Bybit’s expansion of services and rewards for its African users signifies the platform’s confidence in the continent as a key growth market.

EXPLORE: Africa Crypto Week in Review: Luno Rapidly Growing, Yellow Card Eyes Nigeria As Startup Raised Over $8 Million

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This content piece was originally published on 99Bitcoins.