The establishment of a digital economic zone to support entrepreneurs and accelerate the use of blockchain technology in Nigeria is being discussed by government representatives and the cryptocurrency exchange Binance Holdings Ltd. Binance-Nigeria Partnership To Create Digital Economy The alliance intends to create a digital hub “like the Dubai virtual free zone,” according to a statement from the Nigeria Export Processing Zones Authority. With intentions for expansion, the organization has recently entered several markets. The Changpeng Zhao-led crypto platform supports governments in moving forward in the cryptocurrency and blockchain industries and opening offices in other locations. Busan, South Korea, has recently been added to the list. Nigeria’s Growing Crypto Popularity Cryptocurrency has grown in popularity among young people in Nigeria. In response to the Nigerian naira’s skyrocketing inflationary local fiat currency and its tumbling value in the parallel foreign exchange market. Binance is trying to grow in Nigeria as it and its partner discuss creating a blockchain-based digital economy in its most recent growth effort. Binance Enters Nigerian Market The new digital economic zone in West Africa will support business people who want to use blockchain technology. The Nigeria Export Processing Zones Authority states that the partnership aims to establish a digital center “like the Dubai virtual free zone.” Nigeria’s r...
