The well-known cryptocurrency exchange Binance is seemingly turning its attention to Africa. Mere days after news that Binance is working with Uganda to bolster the East African nation’s economy comes more news that Binance has met with Faure Gnassingbé, the president of West African nation Togo. Some, however, have expressed concerns that Gnassingbé is a dictator, and that his cooperation with Binance is an effort for him to remain in power.
This news came through a series of recent tweets by Binance’s CEO Changpeng Zhao, who announced that Binance would work together with the nation of Togo to, as Zhao put it, ”embark on a new journey for Africa to embrace the 4th industrial revolution for the youth”. However, this noble goal is not the only reasoning behind the decision for Togo to partner with Binance, and Zhao alluded to this by adding that the partnership would also create thousands of new jobs within the blockchain and cryptocurrency sector in Togo.
Many different states are looking to establish themselves as the ”crypto capital” of tomorrow, as the huge potential for future development within the industry becomes increasingly apparent. It is understandable that Togo is looking to become one of the African fintech hubs for cryptocurrency and blockchain, as this holds the key to potentially attracting billions in investments – something which can have positive spillover effects for the entire country.
Yet another tweet from Changpeng Zhao’s account followed the aforementioned one, which included a physical, handwritten note from the Prime Minister of Togo, reportedly hand-delivered to the Binance delegation shortly before they departed from Togo. Whilst the image has been removed from Twitter since, it was reproduced and translated before this, and it acknowledged the partnership between the Togolese government and Binance. Moreover, it reiterated the claims of a ”fourth industrial revolution” previously made by Zhao and also pointed towards the development of different training programs, designed to teach youths the ropes of cryptocurrency and blockchain, as well as to attract future investments.
Many other developing countries are also looking to set up similar trading programs. We have previously reported on a similar initiative in the Philippines, which Coingeek has invested money in, and Binance closed a deal with the Ugandan government just days ago. However, some are airing concern over the possibility that Togo’s president Gnassingbé might be making the commitment to Binance in order to solidify Gnassingbé’s rule over Togo. Such views are likely acerbated by the fact that cryptocurrency supporters often distrust authorities, and there is no concrete evidence to back any such conclusions.
Image Source: “Flickr”