Binance, the world’s largest digital asset trading platform, has announced a partnership with the African Football Confederation (CAF). As a result, TotalEnergies was named the official cryptocurrency and blockchain sponsor of the 2021 Africa Cup of Nations (AFCON).
The latter is the continent’s most important soccer tournament, hosted in Cameroon from January 9 to February 6, 2022.
Binance is the official partner of the Assist of the Day / Binance Assist of the Week / Binance Assist of the Tournament, in addition to bringing its worldwide brand and technology to African soccer. The feature will be promoted on CAF’s social media channels and at all six locations in Cameroon’s five cities.
On Sunday, January 9, the tournament began with a match between the host country and Burkina Faso. Because Binance’s logo will be placed on each stadium during the matches, the tournament is expected to be aired in over 160 countries, with a total viewership of over 300 million people.
CAF’s General Secretary, Veron Mosengo-Omba, feels that this project would help the cryptocurrency exchange engage with its African users and the local community.
“CAF is ready to embrace blockchain-based technology and its impact on the future of African football development. I am certain that together with Binance, we can take African football to a new level,” he added.
Binance’s co-founder and chief marketing officer, Yi He, emphasized that his company’s objective is to provide broader access to financial services for the unbanked. As such, Binance has provided free crypto education classes to over 540,000 Africans since 2020.
Crypto Adoption in Africa Is on the Rise
Africa is the clear global champion in cryptocurrency adoption, according to various studies, with growth exceeding 1,200 percent at one point last year. Furthermore, Kenya, Nigeria, South Africa, and Tanzania were among the top 20 countries on the Global Crypto Adoption Index.
It’s fascinating to consider why Africans are so interested in digital assets. According to a recent survey, about 70% of local crypto investors use bitcoin or alternative coins to help their families live better lives.
Specifically, 48% plan to use cryptocurrency to cover their children’s future educational expenses. In comparison, 43% of people do the same to set up a fund for their relatives. Others see Bitcoin and cryptocurrencies as a better hedge against the rising inflation in many African countries.