Several crypto conferences have been postponed due to the spread of the Coronavirus pandemic. The market is in a bearish phase as the virus has affected multiple cryptocurrencies, and even Bitcoin has hit rock bottom.
Despite the current circumstances, the Blockchain Africa Conference 2020 was held according to schedule. The conference was not at its full glory as the event’s chief speaker, Charles Hoskinson, had to cancel his trip because of travel restrictions. Only 230 members were able to attend the conference.
However, the event was able to attract the biggest crypto exchange, Binance. During the conference, Changpeng Zhao, CEO of Binance, revealed the news to extend its services in South Africa. The platform will allow users to trade using the local fiat currency (Rand). The new trading pairs will be offered for the South African market. The initial trading pair will include BNB/ZAR, BTC/ZAR, ETH/ZAR, and USDT/ZAR.
“Africa illustrates one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access. According to the World Bank, approximately 66 percent of sub-Saharan Africans are listed as unbanked. So instead of trying to bank the unbanked, let’s try and Bitcoin the un-Bitcoined.” – States Binance
Event Successfully Attracted US Investors
The conference was able to bring several positive news for the African crypto market. Alternet Systems Inc (ALYI), the US electric motorbike company, is currently starting its operation in Africa. The company has partnered with a blockchain-based company to differentiate its services from the competition by adding user-centric features of transparency. However, the name of the chosen partner has not yet been disclosed, but it is claimed that the firm has been successfully operating cryptocurrencies on the Ethereum blockchain.
To grab the African rider market share, ALYI has developed the designs of electric vehicles. ALYI is now looking to raise $100 million funds through ICOs. The firm will utilize the funds in the production of electric motorcycles.
ICOs are currently at an all time low, far from monthly 10-figure sell-outs, as was seen in early 2018. However new markets, unique products, and strong market-fits could turn the diminishing tide of ICOs into a once-again booming sector.