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Yele Bademosi insists blockchain is giving Africans access to global financial markets

by Abigail Bautista

Yele Bademosi, the CEO and co-founder of Nigerian blockchain company Nestcoin, gave a thought-provoking presentation at the Technext Coinference 2023. The theme of the conference was “Disruptive Tech: New Frontiers, New Opportunities.” Bademosi emphasized the importance of blockchain technology in creating broader financial services and giving Africans new opportunities to participate in the global financial markets.

Bademosi stated that geographical location should not determine the financial services available to individuals. He believes that blockchain technology can level the playing field and provide equal opportunities for financial inclusion. This is especially important for Africans who have been historically excluded from the global financial system.

During the fireside chat titled “Building Africa’s next blockchain unicorn: wins, challenges, and opportunities ahead,” Bademosi discussed the current state of funding in the crypto ecosystem. He acknowledged that funding has become dire and asset prices have been fluctuating erratically. However, he expressed hope and optimism for the future, emphasizing the importance of having conversations and events like Coinference 2023.

Bademosi also highlighted the increasing focus of political leaders on the blockchain ecosystem in recent years. He sees this as evidence of a bright future for crypto in Africa. He believes that Africa will soon have more open and fair regulatory frameworks that will enable businesses to produce innovative solutions.

Despite the challenges and funding constraints, Bademosi remains optimistic about the future of the blockchain ecosystem in Africa. He pointed out that Africa currently contributes 3% to the global blockchain market, which showcases the region’s importance even during times of economic upheaval.

Bademosi emphasized the need for resilience in the face of adversity. He mentioned the AI boom as an example of how funding for a particular industry can fluctuate over time. Decades ago, the AI ecosystem experienced a funding pause known as the “AI winter.” However, in recent months, there has been a resurgence in funding for AI startups, leading to billion-dollar valuations.

To maintain the ecosystem’s growth, Bademosi stressed the importance of staying true to one’s goals. He mentioned his passion to accelerate Africa’s transition to accept stablecoin as his driving force. He advised crypto enthusiasts to find strength in their initial purpose for entering the space and not be discouraged by current trends. He believes that having a strong “Why” and a fundamental drive will help entrepreneurs, builders, and developers overcome challenges and keep pushing forward.

Yele Bademosi’s insights at Technext Coinference 2023 shed light on the potential of blockchain technology in Africa and the need for resilience in the face of adversity. Despite the current funding constraints, he remains hopeful and optimistic about the future of the blockchain ecosystem in Africa.

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