Africa can create an inclusive society with blockchain, says LBank CEO

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As one of the most populated continents in the world, Africa continues to be an important target for blockchain proponents, as adoption in the region could have a significant impact on the broader crypto economy. 

In an interview with Cointelegraph, Allen Wei, the CEO of crypto exchange LBank, explained that blockchain can have a significant impact on Africa. Moreover, Wei highlighted that adoption within the region can have an effect on crypto and underscored the importance of supporting projects throughout the continent.

With blockchain, an opportunity to solve Africa’s economic problems presents itself, according to Wei. With this, the executive emphasized that the technology could create an inclusive society on the continent. He explained that:

“With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system might be built where more people will be employed and have access to greater wealth than ever before.”

Apart from blockchain’s impact on Africa, the LBank CEO also highlighted that the region could also have a big impact on the broader crypto ecosystem. Because of the large population in the region, Wei believes that adoption in Africa would make it easier for other regions to accept crypto as well. Wei said:

“With such a large number of people using cryptocurrency, it will become easier for others around the world to accept it too, which will cause a positive turnaround in the crypto economy.”

Furthermore, Wei also expressed that helping the region means that the crypto space will simply have a wider reach. “If we can help Africa become one of the most crypto-friendly continents on the planet, then we will be able to reach a larger audience than ever before,” he said.

In addition, the LBank executive also talked about the importance of funding the growth of local projects in the region. While the region has potential, Wei noted that crypto and blockchain projects in Africa often face challenges in terms of funding.

Related: Lending network enables transparent credit history in Africa via blockchain partnership

The LBank CEO also mentioned that this is one of the reasons why their venture capital arm has launched an accelerator program to help local projects in the continent. Wei believes that through this, more jobs could be created, and the region’s revenue could increase.