Tech
Strike’s Bitcoin Expansion and Tech Growth in Africa
MIAMI BEACH, FLORIDA – MAY 19: Jack Mallers speaks on stage during the Bitcoin Conference 2023 in Miami… [+] Beach Convention Center on May 19, 2023 in Miami Beach, Florida. Photo by Jason Koerner
Getty images for Bitcoin magazine
Jack Mallers’ announcement Strike Africa’s expansion into Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda and Zambia marks a milestone in the continent’s financial evolution. This move by Strike to introduce a suite of bitcoin services directly addresses the unique financial challenges facing many African nations, such as high inflation, currency devaluation, and expensive remittance services.
Strike Africa will now be available in these countries, with plans to further expand. “The Africa strike is just the beginning,” Mallers said. “Our commitment to bitcoin has never been stronger and we will continue to launch new regions throughout 2024.”
Through Strike Africa, users will have access to a full range of Bitcoin and Lightning services, including local fiat on- and off-ramps, the ability to buy and sell bitcoin and USDT, cross-border payments, and more. With these offers, Strike aims to provide individuals and businesses with fast, secure and cost-effective financial solutions.
Mallers highlighted the importance of bitcoin as a digital reserve asset and as a hedge against inflation in African countries experiencing economic turmoil. She highlighted the impact Strike’s services can have in providing individuals with the tools to protect their property rights and preserve wealth.
Strike Africa will enable businesses to open accounts and access services tailored to their needs. The availability of Strike APIs hopes to enable developers to create innovative bitcoin and payment tools for customers in Africa and beyond. Strike Private will provide eligible clients with personalized services, including customized pricing, bitcoin training, market analysis and more, supporting clients on their bitcoin journey with expert guidance and assistance.
This development is part of bitcoin’s growing influence across Africa, including Ethiopia’s ambitious technological expansion and grassroots education efforts. Ethiopia is embarking on a $250 million project to create a data center for bitcoin mining and artificial intelligence. This will harness Ethiopia’s renewable energy resources in a step towards integrating cutting-edge technologies into its economy. The project, adjacent to the Kilinto high-voltage substation in Addis Ababa, demonstrates commitment to sustainable development and positions Ethiopia as a potential leader in the global digital economy.
In parallel with these technological advances, the continent is experiencing a grassroots bitcoin revolution, led by a young, innovative population. With the average age in Africa 18.8 years, there is a natural gravitation towards new financial systems like bitcoin, which offer solutions to challenges such as high bank fees and insufficient infrastructure. Supporters like it Anita Poschfounder of Bitcoin for equityare at the forefront of this movement, highlighting bitcoin’s role as a tool for freedom and human rightsparticularly in countries facing dictatorships and hyperinflation.
Bitcoin in Africa is also a story of economic strength characterized by optimism and resilience. Bitcoin is seen by many as a reliable financial solution due to the decline in trust in traditional banking systems. It’s not just about addressing immediate financial challenges; it is part of a larger movement towards financial inclusion and empowerment across the continent.
Africa’s Bitcoin ecosystem
Other key players contributing to the continent’s digital finance evolution are companies such as Paxful, a peer-to-peer Bitcoin marketplace. Paxful has been instrumental in giving Africans access to bitcoin, allowing them to engage in transactions that bypass the traditional banking system obstacles. The platform has reported an increase in users from Nigeria, Kenya and South Africa, highlighting the demand for alternative financial services. Paxful’s educational initiatives, such as Project Built with Bitcointhey aim to increase financial literacy and demonstrate bitcoin’s potential to improve lives.
The Paxful logo appears on your smartphone screen with stock market percentages in the background. … [+] Photographic illustration by Rafael Henrique
SOPA Images/LightRocket via Getty Images
BitPesa, now known as AZA Finance, offers cross-border payment services for African businesses and individuals. In 2013, AZA Finance leveraged bitcoin to facilitate faster and cheaper cross-border money transfers. The company operates in several African countries, including Kenya, Nigeria and Uganda, and has played a crucial role in reducing the cost of remittances and facilitating trade by providing liquidity in African currencies. AZA’s success demonstrates the potential of digital currencies to improve financial inclusion and supports the narrative of Africa as a leading frontier in the adoption of innovative financial technologies. As Africa leads in bitcoin adoption and innovation, fueled by a young population and an urgent need for alternative financial solutions, projects like Strike Africa and Ethiopia’s technological expansion signal a time of change. These grassroots educational efforts are laying the foundation for a future where bitcoin is an integral part of Africa’s economic resilience and growth. This technological evolution, driven by the decentralized promise of Bitcoin, is more than a financial shift; as Anita Posch said, “it is a silent revolution” that transforms the African economy.