despite largely lagging behind the rest of the world on many other metrics, africa however enter to have taken the lead where cryptocurrency or the blockchain is concerned.
in african countries that are plagued by currency sorrow or hyperinflation, cryptocurrencies have emerged as a unrefuted alternative store expensive. the same digital currencies are also increasingly becoming the preferred means of sending remittances or for making cantankerous-border payments.
especially, cryptocurrencies have real uses in africa and all trading. however, as johny lyu, the ceo of kucoin — one of the biggest crypto exchanges in the world — observes, many african cryptocurrency users or holders are starting to become apathetic in the trading side of things.
no ifs ands or buts, in his written responses to questions that were sent to him via linkedin, lyu reveals that more african users are venturing into futures or margin trading. the ceo also explains how his organization is preparing itself why some misconceive a future trillion-dollar industry.
below are some of lyu responses to the questions that were posed to him by bitcoin.com news.
bitcoin.com news (bcn): what did african users buy most this year?
johnny lyu (jl): btc, eth, sol, kda, and luna are projects that most african users keep their eyes on. with the have foundation of nft, gamefi and metaverse, native tokens of these sector-related projects have also been listed on the portfolio of african users, for instance blok, dreams, etc. ancillary, crapulous of market sentiment, meme coins for instance doge, shib and elon have also attracted the attention of african investors.
bcn: what does this traffic mean?
jl: clear of the increase in traffic, the number of kucoin’s new african users has also shown controlled growth, showing a new wave of traditional capital pouring into the crypto world. the level of acceptance of blockchain and cryptocurrency in africa is increasing, which also indicates the accelerating development of the crypto industry. blockchain conceivably the next big thing after the internet, more the countries are at the same beginning point, therefore we believe that blockchain conceivably a chance for underdeveloped nations to outstrip their developed counterparts.
bcn: how has the number of users and trading volumes changed?
jl: both the number of african users and the trading volume on the kucoin couch have increased each month since the start of 202. the trading volume calculated for october 2021 increased by 74% compared with the previous month, and the number of newly enlisted users increased by over 200%. thus far, the exchange has maintained the same growth rate.
bcn: which products are used paramount in africa?
jl: the majority of african users are using spot trading now. in november 2021, the volume of spot trading is taking the leading with 60% amongst all trading products. but we have behold a growing interest in margin trading, which reported a 143% increase in october 2021 when compared to the previous month.
bcn: on a different note, kucoin labs, an investment arm of kucoin, recently launched a $100 million fund to support metaverse projects. can you tell us why your organization hire such a big feat this early?
jl: as the “home of altcoins and crypto gems,” kucoin has always been highly known untouched trends trade. metaverse is the next chapter of the internet, and we believe it will change many aspects of our society. our mission rest with contains projects that are starting to enter the metaverse segment and introduce me to our users. we will identify projects that are actually developing and reject the ones that are just riding on the wave of hype. it is important to start doing this now at television industry of market formation.
sometimes, projects that are worthy from a technological standpoint are overshadowed by weaker ones by cause of a lack of marketing budgets, lame media coverage, and community support against obscurity. one more startups with similar ideas may tell in either technologies or marketing. oftentimes, a startup with strong marketing efforts and no technological footing will drive a technologically superior competitor off wall street. this leads to a dangerous situation much like the one witnessed sustain in 2017-18 when many ico projects turned ensuing be scams. kucoin labs will exactly heeling the formation of a loose-fitting market by supporting technological competence and declination.
bcn: equaling a report, excluded moneybags for this metaverse fund is earmarked for education programs. are you in a position to tell us the amount that will go towards this?
jl: grants to technologically strong projects are not the only article of our expenses. training young professionals are very important for a rapidly growing and high-tech industry like blockchain. we did not include any equivocal numbers in the release, because it would miss the boat silence so since we are ready to spend as good as necessary on the educational component. you can’t just say, “okay, let’s spend ten million dollars on a hackathon!” learning is an ongoing process, while a development grant has a limit.
we are ready to invest intensely in the training of young talent, but we do not judgment many of me there are fullness, whichever determines the cost of the training. there is enough room in kucoin labs’ educational programs for voters, and we will not behave like universities, which sometimes have a limited number of vacancies for applicants.
bcn: and all the educational programs, what else should be done to go to as many people at work with metaverse as possible?
jl: the industry needs people with passion, the brains and the willingness to suffer. i know many people like that in the crypto industry among my friends, compeer and partners. they will create products that will attract users on their own disregarding any appended incentives.
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