Binance in Talks With Nigeria to Develop Blockchain Hub

Nigeria and crypto exchange Binance are in talks to establish a digital hub like the Dubai virtual free zone to propel blockchain growth in the country, according to the Nigeria Export Processing Zones Authority. 

Nigeria sees the transformation of a digital hub as a stepping stone toward diversifying its economic scope beyond crude oil.

The Nigerian administration has been rolling out crypto-friendly initiatives. The partnership will trigger the creation of a digital economic zone that will offer entrepreneurs more blockchain opportunities.

Earlier this year, the country’s Securities and Exchange Commission (SEC) established “rules on issuance, offering platforms, and custody of digital assets” for virtual firms meant to boost crypto trading, Blockchain.News reported. 

Various fintech startups like Flutterwave and Interswitch have made notable moves in the crypto space, attaining more than a billion-dollar status. 

Based on an increasingly youthful and connected population, the digital economic zone will come in handy in availing more opportunities. 

Nigeria has been topping the charts in various crypto areas. For instance, a survey conducted by Block, Inc. disclosed that Nigeria took the highest Bitcoin optimism levels at 60%.

Furthermore, a study by crypto exchange KuCoin revealed that 35% of Nigerians had set foot in the crypto space in 6 months, driven by factors like high inflation rates and the lack of affordable financial services. 

The survey also pointed out that peer-to-peer (P2P) was a favoured strategy among Nigerians, given that 65% of crypto investors in the nation made fiat deposits to cryptocurrencies through P2P platforms.

Therefore, the digital economic zone intends to enhance Nigerian soil’s blockchain/crypto sector. 

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