Blockchain has the potential to solve Africa’s problems and create an inclusive society, says Allen Wei, the CEO of crypto exchange LBank. This new-age technology can have a significant impact on Africa.
Wei said adoption within the region can have an effect on crypto and underscored the importance of supporting projects. He believes blockchain technology can solve Africa’s economic problems. The executive explained that Africa can create an inclusive society with a robust economy and the highest standards of living. Wei said a larger economic system can be built where more people will be employed. They will have access to greater wealth than ever before.
Moreover, Africa could have a big impact on the broader crypto ecosystem. Blockchain would make it easier for other regions to accept crypto. With many people adopting and using cryptocurrency, Wei pointed out that it will become easier for others around the world to accept it too. This could cause a positive turnaround in the crypto economy. If blockchain technology penetrates Africa, the crypto space will get a wider reach and help the region emerge as one of the most crypto-friendly continents in the world. As such, LBank will be able to reach a larger audience than ever before.
For this to happen, there is the need to fund the growth of local projects in the region. Currently, these projects face a lot of challenges in terms of funding. This is one of the reasons LBank launched an accelerator program to help local projects in the continent. More jobs would be generated and revenue would be boosted as well.