Binance: The Exclusive Crypto Sponsor of the 2021 African Cup of Nations Football Tournament

over 2 years ago

In what I call a very interesting, thrilling and rare news, Binance, one of the biggest cryptocurrency exchanges in the globe has recently signed a deal with the Confederation of African Football (CAF). This partnership deal then makes Binance the exclusive cryptocurrency and blockchain sponsor for the 2021 episode of the African Cup of Nations (AFCON 2021).

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The African Cup of Nations tournament is the biggest and most watched men's football showdown in Africa as a continent. It is usually being organized biennially by the Confederation of African Football (CAF). This year's edition of the football tournament makes it the 33rd on the list. More so, the 2021 African Cup of Nation is hosted in Cameroon and it began since January 9 to end on February 6, 2022.

According to the news, Binance not just sponsor the tournament. The cryptocurrency exchange will also be the official partner of the Assist of the Day / Binance Assist of the Week / Binance Assist of the Tournament.

In response, Veron Mosengo-Omba, CAF's General Secretary said,

“I am delighted to welcome Binance as an official sponsor of the AFCON tournament this year. Through this partnership with CAF, Binance will connect further with its users and the African community through football. CAF is ready to embrace blockchain-based technology and its impact on the future of African football development. I am certain that together with Binance, we can take African football to a new level.” source

The State of Cryptocurrency in Nigeria

While Binance aims at taking their global brand and technology to African football, this epic partnership might change the outlook of the Nigeria government and African as a whole towards cryptocurrency.

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Speaking of Nigeria, it might interest you to know that the Nigeria SEC sometime in 2021 did term cryptocurrencies and digital assets a security. On the contrary, the actions of the Nigeria government on cryptocurrency makes it seem illegal in the country. It has gotten to the point where citizens now hid cryptocurrency application on their devices to escape harassment from force personnels.

Currently, banks in Nigeria don't accept cryptocurrency-related transactions. Any account found with transactions relating to cryptocurrency is being freezed. To this effect, many persons/ organizations bank accounts have been freezed and made inacessible for a long while now. Before now, citizens could buy cryptocurrency assets directly with Naira but such direct links with cryptocurrency exchanges including Binance were cancelled.

However, this hasn't stopped cryptocurrency transactions in the nation. With the use of peer-to-peer trading, Nigerians continue to tap from the vast benefits of cryptocurrency. In fact, cryptocurrency adoption and usage in Nigeria keeps increasing by the day.

On the whole, cryptocurrency adoption is on the rise in Africa. Among the African countries with increasing cryptocurrency adoption are Kenya, Nigeria, South Africa, and Tanzania. Report shows that these countries were among the top 20 countries on the Global Crypto Adoption Index.

It's wise that Africans are jumping on cryptocurrency and blockchain technology. The financial technology comes with some many opportunities and benefits when compared to the traditional system that cannot cater for everyone. It is projected that more Africans will adopt cryptocurrency in no distant time.

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