African cryptocurrency is growing, and this week in crypto-Africa news, falling naira fuels adoption, with Kenya’s crypto growth boosted by Hedera partnership.
The month of October ended with a lot of activity in the African crypto landscape. Telegram forums continue to drive crypto adoption as Naira devalues despite Binance exit. Will Kenya’s NSE benefit from Hedera integration?
Crypto adoption on the continent is booming, and 99Bitcoins is here to give you the latest round-up of crypto news in Africa to kick off your weekend!
Africa Crypto News: Telegram Boosts Adoption of Digital Assets?
The popular messaging app Telegram has played a key role in this increase. African Telegram crypto communities have grown by approximately +189% since 2023. This astonishing return is largely due to the continent’s young population, which is adopting crypto en masse.
Telegram is particularly suited to crypto communities because token promoters can build large chains with few censorship restrictions. These social media are a crucial part of global crypto adoption trends, and Africa is one of them.
Currency instability in several African countries and government control over mainstream media have boosted independent channels on Telegram. These communities could shape the continent’s economy in the decades to come.
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Nigeria Crypto News: thanks from Joe Biden and drop in Naira
A few days after the start of the hotly contested presidential election, Joe Biden, the President of the United States, called Nigerian President Bola Tinubu will express his thanks for the release of Tigran Gambaryan.
The Binance executive, who is also a US citizen, was detained in Nigeria for more than eight months. He was released on humanitarian grounds after his health began to deteriorate. Gambaryan is now back in Atlanta.
Nigeria has accused cryptocurrency exchange Binance of manipulating the price of the Naira, forcing the outlet to close shop. Even with the exchange, Naira is devaluing while Bitcoin, a crypto asset that is increasingly becoming a store of value, is near its all-time highs.
This week, the Naira fell to a two-year low against the US dollar. Sub-Saharan currencies have been hit hard in 2024, collapsing as citizens seek alternatives to protect their wealth.
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Kenya Crypto News: Nairobi Stock Exchange Joins Hedera Council
Hedera partners with the Nairobi Stock Exchange (NSE) to strengthen its tokenization initiatives in the Kenyan market.
The NSE now has joined the other 31 organizations that form the Hedera Council, which oversees the Hedera network. Hedera wants to develop its technology transparent and scalable and such partnerships are essential for growth.
This partnership is also vital, given the role that the NSE plays in securitization processes in Kenya. Hedera intends to leverage this partnership to facilitate regulatory navigation in the Kenyan market.
Through this agreement, the Council will help realize the tokenization ambitions of the NSE while improving its performance as it seeks to offer digital asset trading.
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The article Africa Crypto Week Review: Telegram Drives Crypto Adoption and Naira Fall, as Hedera Partners with Kenya’s NSE appeared first on .
