Crypto Sponsor for African Cup of Nations Speaks to Potential for Fintech Future

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Binance
Binance

Crypto firm Binance will be the exclusive sponsor of the AFCON football tournament after the company landed a contract with the Confederation of African Football. According to reports, it will be “the official cryptocurrency and blockchain sponsor of the 2021 TotalEnergies Africa Cup of Nations (AFCON) tournament,” which takes place over the course of this month in Cameroon.

While these games will be broadcast around the globe, with a total expected viewership of 300 million, it is hard to argue that this isn’t specifically an investment in the African market. “CAF is ready to embrace blockchain-based technology and its impact on the future of African football development. I am certain that together with Binance, we can take African football to a new level,” said Veron Mosengo-Omba, CAF’s General Secretary.

There’s more than simply football at play here, however. The African market is one which is ripe for a digital transformation. Many countries in the continent rank highly in the Global Crypto Adoption Index, and there is an overall fervor for blockchain technologies. Many believe that Africa is ready to revitalize its economy through the fintech sector, especially as certain central banks have leaned into developing and releasing their own CBDC.

More than most countries, Ghana is in prime position to make hay in the burgeoning sector. The country’s infrastructure is better positioned, and its political leadership seems to understand the power of blockchain technologies. In this way, the country can move forward by adopting small investments into its educational sector to further promote technological learning, in addition to working with universities to incentivize innovation and startups through incubator programs.

Especially after Cheyney University expanded its partnership into Ghana, there is a budding international element ready to help the nation continue to expand its economic footprint. Consider the attention that El Salvador has received after President Bukele became the first in the world to recognize Bitcoin as legal tender. Within months, European investors flocked to the power plant being used to power mining operations, whilst, at the same time, meeting with key officials from tourism and beyond.

Those same opportunities lie in waiting for Ghana, as we continue to eagerly anticipate the country’s CBDC, which aims to offer the stability that Nigeria’s project has, thus far, lacked. The combination of these forces continues to project Ghana’s top-tier status in the African fintech arena. The time to capitalize on these gains is now, particularly as the industry looks for an answer to the problem custody currently presents.

Fireblocks, which is among the best known custody providers, found itself embroiled in a lawsuit with StakeHound, which alleges the custody company lost roughly $70MM of Ethereum, after the key vanished. As a result, StakeHound could not access over 38,000 ETH. Such security issues abound in the custody stratosphere. In order for digital assets to reach their full potential, the custody conundrum must be solved. And, within every such conundrum lies opportunity.

 

About Richard Gardner:

As CEO of Modulus, Richard has been a globally recognized subject matter expert for more than two decades, offering complex insight and analysis on cryptocurrency; cybersecurity; financial technology; surveillance technology; blockchain technologies; and general management best practices.

Over the past twenty years, Modulus has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

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