Allen Wei, the chief executive officer of the cryptocurrency exchange LBank, told Cointelegraph that blockchain might assist to the development of a vibrant economy in Africa.
Since one of the most populous continents, Africa remains an essential target for blockchain advocates, as adoption in the area may hugely influence the crypto economy as a whole.
Allen Wei, CEO of crypto exchange LBank, said in an interview with Cointelegraph that blockchain might significantly influence Africa. In addition, Wei emphasised that regional acceptance might impact crypto and the need for supporting initiatives throughout the continent.
Blockchain offers a chance to resolve Africa’s economic issues. The executive stressed that the technology might facilitate the development of an inclusive society on the continent, elaborating:
The LBank CEO also said that the area might significantly influence the crypto economy as a whole. Due to the region’s massive population, Wei thinks that acceptance in Africa would make it simpler for other areas to embrace crypto. He said:
With so many individuals adopting bitcoin, it will become simpler for others throughout the globe to accept it, resulting in a reversal for the cryptocurrency economy.
Additionally, Wei said that assisting the area would expand the crypto space’s reach. “We will be able to reach a broader audience than ever if we can assist Africa to become one of the most crypto-friendly regions globally,” he added.
In addition, the LBank CEO emphasised the need to finance the expansion of local projects. According to Wei, despite the region’s promise, crypto and blockchain ventures in Africa often encounter financial obstacles.
According to Wei, this is one of the reasons why the venture capital arm of LBank developed a program to assist local projects on the continent. Wei feels that the initiative may contribute to the region’s employment creation and income growth.