Binance wants to set up a digital city in Nigeria
Binance wants to set up a digital city in Nigeria
Crypto

Binance wants to set up a digital city in Nigeria

By Vincenzo Cacioppoli - 5 Sep 2022

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Binance is reportedly in talks with authorities to set up a digital city in Nigeria and develop blockchain technology in the country.

Binance’s digital city project in Nigeria

The Nigerian government is reportedly in advanced talks with the crypto exchange giant to jointly develop an area in the country that is fully digital and thus give a boost to fintech and especially digital asset development in the African country.

According to Bloomberg reports, the goal would be to create a future digital hub on the example of Dubai, which recently passed precise regulations on marketing and promoting the cryptocurrency and blockchain sector.

Nigeria, Africa’s most populous nation and one of the richest in commodities, especially oil, has long been focusing on digital assets and blockchain to diversify its economy, helped in this by the fact that it is one of the countries with the youngest average population in the world. Fintech startups such as Interswitch Ltd. and Flutterwave Inc. are prime examples of how the fintech sector is becoming an increasingly important sector of the Nigerian economy.

According to Chainalysis’ Global Index Adoption, Nigeria ranks sixth among the countries with the most widespread cryptocurrency adoption. According to a study by CoinGecko, Nigeria would be the country where interest in cryptocurrencies has increased the most since April, when the market began its great descent.

Binance wants to continue its expansion with the development of a digital city in Nigeria

Nigeria’s goals for the country’s technological development

The Nigerian stock exchange said in June that it planned to launch a blockchain-enabled platform next year to deepen trading and attract young investors to the market.

Now this partnership with Binance by the Nigerian government confirms the African country’s desire to become a true hub for the crypto space

Prof. Adesoji Adesugba, CEO of Nigeria Export Processing Zones Authority (NEPZA), who is expected to be the government’s point of contact in partnering with Binance to implement this project, said:

“Our goal is to generate a thriving virtual free zone to take advantage of a nearly trillion-dollar virtual economy in blockchain and the digital economy.”

Binance for its part is interested in this partnership project because it could be an excellent opportunity to enter a country with interesting prospects like Nigeria, and then expand to other African countries. 

For some time now Changpeng Zhao‘s exchange has begun serious collaboration with government and regulatory authorities in the countries where it operates, to obtain licenses to operate, as obtained recently in Italy and France, to avoid all those infringement proceedings found in many countries over the past three years, and which have led some nations such as Great Britain to ban the exchange’s operations in the country.

This news comes just weeks after another important partnership signed by Binance with the city of Busan in Korea, where the exchange is expected to provide technology and infrastructure support to the city’s blockchain development efforts.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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