Bitcoin is poised to blow up Africas $86 billion banking system
Summary
"It doesnt matter to me if the price goes down or up, because I can still use bitcoin as a vehicle to move money around the world instantaneously," said Mike Brock, the CEO of TBD at Block, a unit which focuses on cryptocurrency and decentralized finance. "The entire banking system in Africa is completely and utterly broken, even amongst the mobile money providers, the telcos," said Youssef from Paxful, a peer-to-peer crypto marketplace where users can directly buy and sell tokens with one another. "Were going to move to a model where we can make payments without IOUs, or credit, or promises, or fiat," said Alex Gladstein, chief strategy officer for the Human Rights Foundation, an organization that works with activists from authoritarian regimes around the world. Yellow Card — Africas largest centralized cryptocurrency exchange run by CEO Chris Maurice — is also looking to embed this layer two technology into the platform, in order to drive down the price of transactions to virtually zero. Parah recently teamed up with Strike, a Lightning Network payments platform, to launch a feature called "Send Globally" that allows Americans to transfer money to people living in Nigeria, Ghana, and Kenya.
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