Africa Crypto Week in Review: Telegram Driving Crypto Adoption, Naira Falling, As Hedera Partners With Kenya’s NSE

Africa crypto is growing, and this week in crypto Africa news, a falling naira fuels adoption, Kenya’s crypto growth bolstered by the Hedera partnership.

October closed with plenty of activity on the African crypto landscape. Telegram forums continue to drive crypto adoption as the Naira devalues despite Binance’s exit. Will Kenya’s NSE benefit from Hedera’s integration?

Crypto adoption on the continent is surging, and 99Bitcoins is here to give you the latest round-up of Africa crypto news to kick off your weekend!

Africa Crypto News: Telegram Driving Digital Assets Adoption?

Popular messaging app Telegram has played a key role in this rise. African Telegram crypto communities have expanded by approximately +189% since 2023. This astounding return is largely due to the continent’s young population, which is embracing crypto in droves. 

Telegram is especially great for crypto communities because token promoters can build large channels with few censorship restrictions. This social media is a crucial component of global crypto adoption trends, and Africa is part of the picture. 

The currency instability in several African countries and government control of mainstream media has boosted independent channels on Telegram. These communities could shape the continent’s economy in the coming decades.

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Nigeria Crypto News: Joe Biden’s Thank You, and Naira’s Drop

A few days into the hotly contested presidential election, Joe Biden, the United States president, called Nigeria’s President Bola Tinubu to express his thanks for the release of Tigran Gambaryan.

The Binance executive, who is also a United States citizen, was detained in Nigeria for over eight months.  He was released on humanitarian grounds after his health began to fail. Gambaryan is now back in Atlanta. 

Nigeria blamed Binance, the crypto exchange, for manipulating the price of Naira, forcing the exit to close shop. Even with the exchange out, Naira is devaluing while Bitcoin, a crypto asset that’s increasingly becoming a store of value, is close to all-time highs.

This week, the Naira fell to a two-year low versus the USD. Sub-saharan currencies have been hit hard in 2024, tanking as citizens seek alternatives to protect their wealth.

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Kenya Crypto News: Nairobi Stock Exchange Joins Hedera Council

Hedera is partnering with the Nairobi Stock Exchange (NSE) to boost its tokenization initiatives in the Kenyan market. 

The NSE has now joined the 31 other organizations that form the Hedera Council, which oversees the Hedera network. Hedera is keen to grow its transparent and scalable technology and such partnerships are vital for growth. 

The partnership is also vital, given the role the NSE plays in securitization processes in Kenya. Hedera intends to leverage the partnership to facilitate regulatory navigation of the Kenyan market.

Through this deal, the Council will help drive the NSE’s tokenization ambitions while enhancing its performance as it seeks to offer digital asset trading.

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