Earlier this year, Bitget released a report in partnership with famed American management consulting firm Boston Consulting Group (BCG) and cryptocurrency-focused investment firm Foresight Ventures, which examined the size of the cryptocurrency market in Africa.
The report titled: “What does the future hold for crypto exchanges?” ranked South Africa as the country with the largest market, followed by Nigeria. Another interesting finding from the report showed that South Africans mainly use cryptocurrencies as an alternative investment, while Nigerians mainly use it for savings.
Speaking to Business Insider Africa about the report, Chen said: “Right now, Africa only accounts for less than 1% of global crypto spot and derivatives trade. However, we see that Africa is one of the emerging regions for crypto and derivatives trading, as there has been a huge increase in trading volume and activities over the last year.
Looking to the future of cryptocurrencies, if the past is any indication, cryptocurrency investors are in for an exciting ride. According to Gracy Chen, here are some interesting crypto predictions to watch out for in 2023.
Cryptocurrencies have become an important tool for investment and savings for people in Africa. We expect to see a lot of growth in cryptocurrency adoption in that region, and the major cryptocurrency exchanges are making efforts to support this trend. Bitget, for example, offers its users one-click copy trading and Strategy Plaza features that provide a very good springboard for beginners to try derivatives trading with the minimum experience required. New users can follow experienced traders to copy their strategies or portfolio and gradually develop their own knowledge.
Crypto companies are still hiring, but they may not be actively hiring amid the market downturn. Anyone considering joining the space right now is on the right track. The limited talent pool still represents a challenge for companies in the space, even with the wave of layoffs that has cut more than 11,000 positions in the past six months. For example, Coinbase reportedly laid off 18% of its workforce, Gemini 10%, Crypto.Com 5%, and BlockFI 20%. In Africa, Nestcoin, a Nigerian crypto startup, announced that it would lay off some of its staff following the collapse of FTX. The company claims to have lost all of its cash and stablecoin assets from the crash. In the midst of this, at Bitget we are looking to expand our workforce globally, and Africa will not be left out.
3. The need for Transparency and Trust
The FTX crash has caused concerns about sentiment of confidence and fear among investors in the crypto space. About ten (10) exchanges have issued separate statements indicating that they would publish their Merkle Tree Stock Certificates to increase transparency.
Bitget has been making different efforts to reassure users and restore trust.
In the last week. Have:
- Launched a $5 million builders fund to support those affected by FTX to help users depressed by the FTX crash
- Started the Merkle Tree Proof of Reserves audit to improve transparency and restore trust.
- Increased Bitget Hedge Fund from $200 million to $300 million to provide better protection and security for cryptocurrency users, especially in extreme and unexpected situations.
Bitget will continue to build a trustworthy and secure trading environment for users and work hard to cultivate the world of cryptocurrencies.