The rapid growth of crypto in Africa is further accelerated by Cardano’s exclusive region-focused campaign. The latest update saw Cardano’s ecosystem accelerator, Adverse, invest in an African blockchain gaming guild and decentralized autonomous organization (DAO), Afriguild.
This Friday, Adverse announced its investment in a seed funding round for Afriguild, which encourages and enables Africans to create an additional source of income through gaming, education and community building. Following this, the company highlighted Afriguild’s mission to onboard 100 million Africans into Web3 over the next 5 years.
Adverse was launched last year in collaboration with EMURGO Africa and Everest Ventures Group to provide opportunities and financial support for the next generation of African Web3 startups to excel on the global front.
Following this, the Co-CEO for the Middle East and Africa at EMURGO Africa, Shogo Ishida, highlighted how “social communities will reshape the structure of global commerce while leveraging Web3 applications running on blockchain technology. “. Ishida added that “Africa is socially communal and Afriguild is building the bridge to financial breakthrough by connecting young Africans to the emerging world of Web3”.
Adaverse founding partner, Vincent Li, highlighted the roadmap of his partnership with Afrigrid, which aims to become the “LinkedIn” of the Metaverse – “a Web3 hub that connects Africans to multiple income opportunities on the Metaverse with P2E models and a marketplace where game developers are directly connected to hire the services of researchers, players, testers and all kinds of contributors”. Vincent explained that “through this partnership, Afriguild will expand its operations across Africa and surpass its five-year goal of empowering one hundred million Africans to create wealth with available resources.”
Cardano Web3 campaign expands in Africa, but Central opposes its stance
On the one hand, the African continent is experiencing an explosion in crypto growth with an increased influx of funding from the industry. On the other hand, banks in the region continue to have a harsh view of the digital asset industry, as they gravitate towards issuing CBDCs.
The latest update saw the Central African regional bank’s board of directors call for the introduction of a common digital currency for its six member states to modernize payment structures and promote regional financial inclusion.
This proposal was followed by the central bank’s anti-crypto remarks regarding the Central African Republic (CAR)’s adoption of Bitcoin as legal tender. The bank claimed that the law adopting Bitcoin as legal tender in the CAR is “incompatible with the agreements and conventions governing the Central African Monetary Union and the statutes of the Bank of Central African States.”