At the Crypto Fest 2023 event, hosted at the exclusive Cabo Beach Club in Cape Town, hundreds of Web3 enthusiasts gathered to demonstrate that digital solutions can still make a meaningful, positive difference on the African continent.
Hannes Wessels, General Manager of Southern and Francophone Africa at Binance – the Title Sponsor of Crypto Fest 2023 – reiterated the role of blockchain as a tool for innovation in the event’s opening keynote. He also pointed out that he could not engage on topics about the international company, only the local Binance operations.
The African Web 3.0 Pitchfest saw the startup Paie walk away with the top honours sponsored by NODO. The app offers a user-friendly way to access global financial services, hold global assets and build wealth. With the Paie app, users can easily access global currencies through fiat-backed stablecoins, earn interest and grow their savings.
A panel discussion on the Future of Stablecoin Regulation was led by Chainalysis Senior Solutions Architect Zakaria Ellaoui, who explained that Bitcoin dominates cryptocurrencies in sub-Saharan Africa because it is seen as a better way to preserve wealth. Nigeria has seen a nine percent year on year increase in crypto transactions and there is significant demand for stablecoins across the continent.
Nonkululeko Musa Ntuli spoke about the Evolution from Web2 to Web3 and praised South Africa’s efforts in establishing crypto regulations, saying that the country is a leader on the continent in this regard. Gideon Rossouw, Web3 Enablement Executive at Nedbank, also addressed the challenges of creating a single stablecoin for the continent.
At the end of the day, Crypto Fest 2023 serves as a testament to the African crypto community’s resilience and determination. The event was a celebration of digital assets and the promise of a digital utopia that extends far beyond the Mother City’s shores. Cryptopia lives in Africa.