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Weekly News Roundup: Small Value Transfers in Africa Rise by 55%, DCG Buys Luno

Weekly News Roundup: Small Value Transfers in Africa Rise by 55%, DCG Buys Luno
In this week’s news roundup, we highlight the growth of Africa’s crypto economy and other top stories. Keep reading to learn more.
Remittances and Fiat Devaluation are Promoting Africa’s Crypto Economy, Chainalysis Report Reveals
It’s been clear for some time now that Africa’s crypto economy is growing. To offer more insight into this growth, Chainalysis has released the 2020 Geography of Cryptocurrency Report . The report shows that remittances and fiat devaluation are responsible for this growth.
The demand for low-fee remittances and the instability of some African currencies are the reasons why Africans are turning to cryptocurrencies.  For instance, people overseas transferred about $562 million worth of cryptocurrency to addresses in Africa from June 2019 and July 2020.
Furthermore, small value transfers under $10,000 rose by 55 percent to $316 million in the year to June. According to the report, these transfers contribute to the largest share of Africa’s crypto activity. The top African countries leading in cryptocurrency transfers are Nigeria, South Africa, and Kenya.
“Africa has the smallest cryptocurrency economy of any region we analyse in this report, with just $8 billion worth having been received and $8.1 billion sent on-chain in the last year. However, that relatively small amount of activity is creating life-changing value for users in the region facing economic instability, offering low-fee remittances, and an alternative way to save,” Chainalysis stated.
Binance Handles the Largest Share of Africa’s Crypto Activity
Binance is handling the largest share of Africa’s crypto activity. The exchange’s share of this activity has been increasing since the beginning of 2020, possibly due to aggressive marketing.
The chart below indicates the ten exchanges that are sending value to and from Africa as per the Chainalysis research.

The ten exchanges’ share of all the crypto activity in Africa has increased from 66 percent in October 2019 to 78 percent in June 2020.
Digital Currency Group Snaps Up Luno
Blockchain investor heavyweight, Digital Currency Group, has acquired the popular digital asset exchange Luno.
“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” said DCG Founder and CEO Barry Silbert.
“Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions,” he added.
Luno maintains key regional offices in Johannesburg and Cape Town, among several others across the globe.
Binance Uganda to Delist BNB
Binance Uganda has decided to delist its native token Binance Coin (BNB) at 10 AM EAT 17 September 2020. Additionally, the exchange will stop trading on all trading pairs for BNB on the same day. As the platform announced in a statement , BNB has not met the exchange’s trading standards, hence the decision.
Binance Uganda will remove the trading pair BNB/UGX. Also, the platform closed BNB deposits on September 10. However, it will continue to support BNB withdrawals until 6 November 2020 at 10 AM EAT.
The post Weekly News Roundup: Small Value Transfers in Africa Rise by 55%, DCG Buys Luno appeared first on BitcoinAfrica.io .

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