Africa’s rapid crypto growth is further accelerated by Cardano’s exclusive campaign focused on the region. The latest update saw Cardano’s ecosystem accelerator, Adverse invest in an African blockchain gaming guild and decentralized autonomous organization (DAO), Afriguild.
This Friday, Adverse announced its investment into a seed funding round for Afriguild, which encourages and enables Africans to create an additional revenue stream through gaming, education, and community building. Following this, the company highlighted Afriguild’s mission to onboard 100 million Africans into Web3 over the next 5 years.
Adverse was launched last year in collaboration with EMURGO Africa and Everest Ventures Group to provide opportunities and financial support to the next generation of African Web3 startups to excel on the global front.
Following this, the co-CEO for the Middle East & Africa at EMURGO Africa, Shogo Ishida highlighted how “social communities will re-engineer the structure of global commerce while leveraging Web3 applications running on blockchain technology”. Ishida added that “Africa is socially communal and Afriguild is building the bridge to financial breakthrough by connecting young Africans to the emerging Web3 world”.
The founding partner at Adaverse, Vincent Li highlighted the roadmap for its partnership with Afrigrid, which aims to become the “LinkedIn” of the Metaverse — “a Web3 hub that connects Africans to multiple earning opportunities on the Metaverse with P2E models and a marketplace where game developers are directly connected to hire the services of Scholars, Gamers, Testers, and all kinds of contributors”. Vincent explained that “through this partnership, Afriguild will expand its operations across Africa and surpass its five-year goal of empowering one hundred million Africans with the means to build wealth with available resources.”
Cardano Web3 Campaign Grows In Africa, But Central Stands Opposing Stance
On one hand, the African continent is experiencing an explosion of crypto growth with an increased inflow of funding from the industry. On the other hand, the region’s banks continue to have a harsh opinion of the digital assets industry, while they gravitate toward CBDC issuance.
The latest update saw the board of the central African regional bank appeal to introduce a common digital currency for its six member states to modernize payment structures and promote regional financial inclusion.
This proposal was followed by the central bank’s anti-crypto remarks regarding the Central African Republic’s (CAR) adoption of Bitcoin as legal tender. The bank asserted that the law adopting Bitcoin as legal tender in CAR is “incompatible with the agreements and conventions governing the Central African Monetary Union and the Statutes of the Bank of Central African States”.