Binance, Nigeria make plans to set up a digital city in Nigeria
The Nigerian Federal government and the crypto exchange giant Binance announce an alliance. It seems there are plans to develop an area in the country that is fully digital and this also gives a boost to fintech and especially digital asset development in the African country.
According to Bloomberg reports, the goal would be to create a future digital hub on the example of Dubai, which recently passed precise regulations on marketing and promoting the cryptocurrency and blockchain sector.
Nigeria, Africa’s most populous nation and one of the richest in commodities, especially oil, has long been focusing on digital assets and blockchain to diversify its economy, helped in this by the fact that it is one of the countries with the youngest average population in the world. Fintech startups such as Interswitch Ltd. and Flutterwave Inc. are prime examples of how the fintech sector is becoming an increasingly important sector of the Nigerian economy.
Binance for its part is interested in this partnership project because it could be an excellent opportunity to enter a country with interesting prospects like Nigeria, and then expand to other African countries.
This news comes just weeks after another important partnership signed by Binance with the city of Busan in Korea, where the exchange is expected to provide technology and infrastructure support to the city’s blockchain development efforts.