Thomas Daniels
Oladotun Wilfred Akangbe, Chief Marketing Officer of Flincap, a platform dedicated to African over-the-counter crypto exchanges, has emphasized the significant growth and maturation of the cryptocurrency market in Africa. Akangbe underscores Solana’s pivotal role in this evolution, highlighting the resilience and community-driven efforts within the region.
Akangbe shared with Cointelegraph that the cryptocurrency sector is exhibiting robust maturity, capable of withstanding challenges that previously would have led to significant market downturns.
Strength and Community Vitality in the Crypto Sector
Despite regulatory hurdles, such as Binance founder Changpeng Zhao pleading guilty to violating U.S. money laundering laws in November 2023, the cryptocurrency industry continues its upward trajectory. Akangbe asserts that the vitality and adoption of any technology hinge on the robustness of its community. He points out that ongoing efforts to address community issues, especially in remittances and international payments, signal promising year-on-year growth.
“With the type of communities built around various crypto projects, we are nearer to mainstream adoption than ever before,” Akangbe stated. His remarks follow a series of Solana Allstars Nigeria community meetups, which spotlight Solana’s growing influence in Africa.
Solana Leading Web3 Adoption in Africa
The Solana Foundation has been instrumental in fostering blockchain adoption in Africa through initiatives such as meetups, hackathons, and educational workshops. These activities have successfully integrated numerous Africans into the Solana ecosystem, enhancing community engagement and practical use of blockchain technology.
Globally, decentralized groups promote Solana, with the Solana Allstars team in Nigeria standing out as one of the most active Web3 adoption groups. Akangbe notes that such initiatives are shifting user focus from speculative price movements to the tangible utility of Solana’s projects.
Anticipation for a Spot Solana ETF in the U.S.
Speculation around the approval of a spot Solana (SOL) exchange-traded fund (ETF) in the United States has been growing. Bloomberg analyst Eric Balchunas suggests that a change in the U.S. administration and leadership at the Securities and Exchange Commission may be necessary for the ETF to become feasible.
Several ETF issuers have already submitted applications for a spot Solana ETF. On June 28, 21Shares filed an S-1 application with the SEC, following a similar filing by ETF issuer VanEck.
Despite recent market fluctuations, with SOL dropping over 15% to a low of $121 on July 1 and weekly losses standing around 10% and 23% for the month, the long-term outlook for Solana’s integration in Africa remains positive.
