…As Binance empowers over 100,000 young Africans on crypto trading, blockchain careers
By Prince Osuagwu
It appears that more Nigerian youths are going into cryptocurrency trading despite ban from the Nigerian government.
This is as the Securities and Exchange Commission, SEC said over 400,000 Nigerians have invested in foreign stocks in the past 18 months.
For crypto, the main attraction for many Nigerians is the surging prices.
Although the price of bitcoin has retreated in the past few days, it has had a bullish run so far from 2020 to 2021 where it rose to as much as $64,000 for the first time ever. The price of bitcoin was trading at $57,142.00 a week today.
Ethereum has also seen a consistent vertical movement since 2021, wiping out the 2018 all-time high by rising to over $4000 on Sunday.
As at the last check, the price of Ether ETH was $4,296.94 on the Coinmarketcap index representing a 31.58 per cent growth last week.
Often, the fear of missing out, FOMO pushes many investors into the market without first getting an education in the market. This could put them at risk of criminals taking advantage of their ignorance. This is also why a crypto marketer, Binance, recently implemented new features and rules on its peer-to-peer, P2P feature to keep investors safe.
Apparently building on the surging interest of Nigerian youths in crypto trading, Binance has also said it is determined to empower African youths to master the trading by providing a masterclass training for them.
Barely one year after it was launched, the Binance Masterclass has reached over 100,000 people in different African countries with free training on cryptocurrencies as well as empowering them for a career path in blockchain.
The Masterclass is primarily targeted at helping crypto newbies understand the fundamentals of cryptocurrencies, how to identify scams, how to buy and sell crypto – and more advanced concepts around the spot, margin, and futures trading as they get started on their crypto journey.
With the accelerating growth of crypto adoption, there is a lot to take into consideration when transferring wealth. Experts say gaining a foundation in cryptocurrency education helps to understand the transition between traditional and decentralized financial infrastructure.
The crypto market in Africa is currently growing and attracting many people looking for assets that give them higher margins. In Nigeria where the economy is struggling with recessive forces, investing in a non-naira based asset is seen as a hedge against the weak local currency.
The Binance Masterclass has the goal of bringing education about the market to new investors and ensuring that they have adequate information before buying any crypto asset. The class also prepares them for career opportunities in the market.
“Crypto education is at the heart of our focus in the global market. As a blockchain infrastructure provider, we are committed to ensuring that more and more people have access to the right information about the workings of the ecosystem. Africa is a very important market for Binance because we see the profound opportunity blockchain brings to the entire continent. This is why we launched our Binance Masterclass – to ensure that our people are educated about the things they need to know about the market,” said Emmanuel Babalola, Director at Binance Africa.
The first Binance Masterclass went live on 24 January 2020 in Benin, Edo State. The six hours intensive seminar included a comprehensive crash course into understanding bitcoin, blockchain and trading.
For the latest masterclass, Binance trained about 1000 blockchain developers in Africa and allocated a $1million fund for African developers. The masterclass series spanned eight weeks from January to March and concluded with a demo show where 10 groups, comprising five developers each, showcased their applications.