Binance, the largest cryptocurrency exchange platform by trading volumes, has become the latest exchange trying to boost its brand awareness in the sporting sector. Binance has signed a partnership deal with the Confederation of African Football (CAF).
Through this deal, Binance will become the official cryptocurrency and blockchain sponsor for the Africa Cup of Nations (AFCON) tournament.
Binance inks a deal with AFCON
AFCON is one of the largest and most popular soccer championships in Africa. The championship will run from January 9 to February 6, 2022, with the matches taking place in Cameroon.
The championship commenced on Sunday, and over 160 nations are expected to broadcast the matches. The audience is estimated to be more than 300 million people, giving Binance the ideal opportunity of pushing its brand on the continent.
According to this deal, the Binance logo will be displayed in every stadium where the matches occur. The General Secretary for the CAF, Veron Masengo-Omba, the deal will allow Binance to have a better way of reaching its users on the continent.
“CAF is ready to embrace blockchain-based technology and its impact on the future of African football development. I am certain that together with Binance, we can take African football to a new level, Masengo-Omba added.
Crypto push in Africa
Binance has been on a mission to boost crypto education in Africa. The co-founder and CMO of the exchange, Yi He, noted that the exchange had a mission to boost crypto access to the unbanked. He also noted that the exchange had offered crypto-related education to more than 540,000 Africans since 2020.
“We will continue to put in our efforts in pushing the mainstream adoption of crypto so that more people can understand crypto and understand Binance,” he noted.
The recent push by Binance comes as the level of crypto adoption in Africa surges. In 2021, the continent made headlines after the level of cryptocurrency increased by over 1200%. Countries such as Nigeria, South Africa, Kenya, and Tanzania rank among the top 20 countries in the Global Crypto Adoption Index.
A recent survey looked at the factors contributing to the rise in crypto adoption in the continent. The survey revealed that around 70% of Africans were investing in crypto to offer better livelihoods to their families.
The survey also showed that 48% of investors wanted to pay for their children’s future educational; costs, while another 43% was using crypto as an insurance fund to pass on to their relatives.
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