The pivotal role of blockchain technology is expanding financial services and providing Africans avenues to engage in global financial markets.
Yele Bademosi, the CEO and co-founder of Nigerian blockchain company Nestcoin during the Technext Conference 2023, centered around the theme of “Disruptive Tech: New Frontiers, New Opportunities,” emphasized this.
Bademosi remarked, “Your access to financial services should not be limited by your geographical location.”
The event featured a fireside chat titled “Building Africa’s Next Blockchain Unicorn: Wins, Challenges, and Opportunities Ahead,” moderated by Technext’s Business Chief, Anderson Ozakpo. It took place against the backdrop of dwindling funding for the crypto ecosystem and volatile asset prices.
Ozakpo reassured attendees, stating, “Despite the current challenges, there is still hope, and that’s why we continue to engage in conversations like this.”
Bademosi also highlighted the recent focus of political leaders on the crypto ecosystem as a positive sign for its future in Africa. He said, “Africa is poised to establish more equitable regulatory frameworks that African businesses can leverage to develop innovative solutions.”
Even in the face of constrained funding, Bademosi remained optimistic about the ecosystem’s prospects. He saw hope in the industry’s valuation and utility: “The price of assets reflects their value. Africa accounts for 3 percent of the global blockchain market.” This contribution underscores the region’s significance during a period of significant economic turbulence.
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Yele Bademosi on the Importance of Blockchain Technology Resilience
The ongoing AI boom in Africa also reflects the resilience of the continent’s ecosystem. Bademosi pointed out, “If you consider AI and ChatGPT, decades ago, we experienced what was known as the AI winter when funding for the ecosystem nearly came to a standstill.”
However, a surge in AI-related investments has propelled numerous startups to billion-dollar valuations in recent months. Bademosi emphasized the need for leaders to remain steadfast in their commitment to building within the ecosystem to sustain this momentum. For him, it’s a passion to “accelerate Africa’s transition towards adopting stablecoins.”
The CEO further advised crypto enthusiasts not to be disheartened by current trends and to draw strength from their initial motivations for entering the space. He stressed, “As an entrepreneur, builder, or developer in this field, you must have a compelling ‘Why.’ Your driving force should be so intrinsic to your identity that, regardless of the challenges, you will persevere.”
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