Cryptocurrency and blockchain technology have not seen an even global
adoption. Certain regions, such as Asia, both eastern and western Europe, and North
America, have seen widespread adoption whereas the rest of the global south has not
adopted blockchain or cryptocurrency to the same degree. These regions, and in
particular the African continent, are missing out on the huge opportunity that
cryptocurrency presents for wealth building and supporting new and better technologies.
There are multiple roadblocks to African participation in cryptocurrency. The first
reason is a lack of publicity and knowledge around cryptocurrency. There is less
literature written in local languages and fewer people are aware of this technology.
Sadly, even for those who are aware it is difficult to get involved. That brings us to the
second issue, frequent difficulty with exchanging local fiat currencies for crypto. Many of
the largest exchanges do not accept African fiat currencies and some do not even allow
registration for citizens of many African nations. This lack of knowledge and lack of
access combines to form an almost insurmountable barrier for many. While some small
marketplaces have sprung up to attempt to increase access and allow a venue for
African fiat to be traded, they do not yet provide the scale or level of security and
convertibility that this market needs to be fully integrated into the cryptocurrency trading
This continent needs information and access, on a large scale and immediately —
and that is exactly what Bolenum aims to provide.