Our ETHSafari: Exploring the Impact of Crypto in Africa

Last week, I embarked on an exciting journey known as ETHSafari to explore the world of cryptocurrency in Africa. Often excluded from global Web3 events, African founders and projects are finally getting the spotlight they deserve through events like ETHSafari.

The journey began with a scenic six-hour train ride from Nairobi to Mombasa, a welcome change from the usual uncertainty of travel in Africa. The new railway line, opened in 2017, replaced the infamous “Lunatic Express” and now offers a reliable and comfortable mode of transportation.

My final destination was Kilifi, a picture-perfect town on the coast, where the ETHSafari event was held. The venue, called Beneath The Baobabs, felt like a festival with its vast area attracting ravers from all over Africa and beyond.

The rise of cryptocurrency in Africa can be traced back to the success of mobile money services like M-Pesa in Kenya. Launched in 2007 by Safaricom, M-Pesa revolutionized banking by allowing millions of unbanked individuals to access financial services using their mobile phones.

ETHSafari aims to showcase African talent, projects, and innovations, fostering collaboration and networking across the continent. It’s not just about technology but also celebrates culture, music, and the environment.

While M-Pesa and cryptocurrencies both aim to improve financial inclusion, they operate differently. M-Pesa is centralized and regulated, while crypto offers a decentralized and borderless financial system. Integrating the two could provide better financial services for Africans.

Stablecoins and cryptocurrencies are gaining popularity in Africa, with stablecoins accounting for a significant portion of crypto transactions in the region. They offer protection against inflation and currency devaluation, common issues in many African economies.

As the global crypto market grows, Africa emerges as a key player in crypto adoption, showcasing the continent’s potential in driving financial innovation and inclusion. With events like ETHSafari bringing together diverse minds and talents, the future of crypto in Africa looks promising.