Africa: Institutional Crypto adoption, 2023.
The adoption of Web3 by institutions has been a major trend in the global financial industry in recent years, with a growing number of banks, investment firms, and other organizations turning to digital assets as a way to diversify their portfolios and tap into new opportunities.
While the adoption of crypto by institutions has been slower in Africa compared to other regions, there are signs that this is beginning to change. A number of African banks and financial institutions have started to explore the use of Web3 and blockchain technology, and some have even begun to offer services related to these technologies to their customers.
One of the key drivers behind the institutional adoption of crypto in Africa is the potential for these technologies to improve inclusion. reach new customers in many rural parts of the continent, where access to traditional financial services is limited. Web3 and blockchain technology can provide a way to help African financial institutions solve settlements in a continent with 50 different currencies. This is why wholesale CBDCS and stablecoins are key to Web3 adoption.
Overall, the institutional adoption of Web3 in Africa is still in its early stages, but there are strong indications that it has the potential to drive significant change and contribute to the development of the continent. As more and more African banks and institutions explore the use of these technologies, we can expect to see continued growth and adoption in the years ahead.
