Source: Milcah Lukhanyu/ Techmoran
Crypto Fest, the leading event for digital currencies and distributed ledger technology in Africa, is set for November 24th in Cape Town.
The event is aimed to teach attendees about the potential risks associated with cryptocurrencies and how to mitigate them. They will also discover effective investment strategies, institutional adoption, regulation, and compliance issues that affect the crypto space.
According to the 2023 African Blockchain Report by CVVC and Standard Bank, South Africa remains one of the leading countries in Africa in terms of blockchain innovation and funding. The report also shows that African blockchain startups raised $474 million which translates to 15% of the total venture funding raised on the continent, with a growth rate 12 times higher than general VC.
Even with its status as the fastest adopting crypto continent globally, Africa still receives only a fraction (1.8%) of the global blockchain venture funding.
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This shows that there is a huge opportunity for investors and entrepreneurs to tap into the potential of blockchain technology and the positive effect it can have in Africa.
Custody and exchanges claimed more than half (52%) of that funding share, but remittances remain the primary use case for cryptocurrency in Africa, according to the African Union Development Agency.
With the high levels of international migration from the continent, traditional remittance methods can be expensive and time-consuming. Cryptocurrencies offer a fast and cost-effective alternative, allowing individuals to send money across borders quickly and cheaply.
Crypto is also a powerful tool to promote financial inclusion. Due to infrastructure problems, financial services are less accessible in Africa, leading to around 57% of the population remaining unbanked.
Cryptocurrencies, which only require a smartphone to access blockchain networks, are becoming a good alternative to traditional banking in Africa.
This mass adoption comes with safety concerns as scammers flood the market to capitalise on the rapid growth. One of the key topics that will be explored at Crypto Fest is how to safeguard digital assets in a volatile and uncertain market.
Attendees will also get free access to valuable crypto workshops hosted by partners.Attendees will also gain an overview of the basics of cryptocurrencies and blockchain, such as:
● What are cryptocurrencies and how do they differ from traditional money?
● What is blockchain and how does it enable trustless and decentralised transactions?
● What are some of the applications and use cases of cryptocurrencies and blockchain in various sectors and industries?
The session will be hosted by Devon Krantz, the founder and CEO of Web3 Sanctuary, an EdTech platform that trains web3 developers and onboard the users of tomorrow.
Graph Co- Founder Kent Fourie will host an introduction to The Graph protocol which will unpack decentralised APIs and the data layer of Web3.
Crypto Fest will provide insights into the potential economic impact of these emerging technologies in Africa. By doing so, it will help attendees understand the importance of crypto safety not just for individual investors, but also for the broader economic landscape.
The event will also play host to a Startup Pitch Competition where the next generation of Web3 innovators present their groundbreaking ideas for scrutiny by an experienced panel of judges. Creating a pipeline of new development to the crypto community is one of the Crypto Fest goals to help grow the industry.
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Source: Milcah Lukhanyu/ Techmoran
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