Binance is Planning to Establish a Crypto-Centric Hub In Nigeria

Nigeria and the Binance cryptocurrency exchange are working together to create a special economic zone that would be supported by the crypto industry.

According to a recent CoinGecko survey, Nigeria was found to be the country with the highest level of crypto curiosity, which may have piqued Binance’s interest in the possibility of growing the country’s market for digital assets.

Once finished, Nigeria’s cryptocurrency hub will be the only one of its kind in all of West Africa. Nigeria Export Processing Zones Authority is also in favour of this project, which is supported by Binance (NEPZA).

By bringing together blockchain and Web3 businesses from the African continent, this “Virtual Free Zone,” which is being organized by the US-based crypto exchange and NEPZA, aims to promote development and adoption in the sectors.

“Our objective is to create a thriving virtual free zone to benefit from a virtual economy worth close to $1 trillion in blockchains and the digital economy. Adesoji Adesugba, the managing director of NEPZA, was reported in a Voice of Nigeria report as saying, “We aspire to break new ground to increase economic prospects for our population.

According to a survey released by Chainalysis in September of last year, the crypto markets in Nigeria, Kenya, Tanzania, and South Africa collectively experienced growth of 1,200 percent, growing to a market worth of $105.6 billion in a year.

Over 13 million Nigerians, according to research firm Triple-A, are expected to own cryptocurrencies in 2021. This equates to 6.3% of Nigeria’s whole population.

This blockchain-focused organization in Nigeria may be able to provide start-ups and employment opportunities for the region’s growing crypto ecosystem.

These special economic zones have started to appear in other regions of the world as well.

For instance, the Abu Dhabi-based ADGM intends to become the center of cryptocurrency activity in the UAE, where Binance is a licensed crypto service provider. On Al Maryah Island, it was first created as a commercial centre in 2013.

The Middle East and North Africa (MENA) regions’ largest regulated jurisdiction for virtual assets, according to the Abu Dhabi Global Market (ADGM), is also claimed.