Crypto Africa Week in Review: Agricultural Commodities on Solana

In this week’s Crypto Africa Review, Nigeria crypto support wavering as AI advances, while AgriDex completed first commodities swap on Solana.

Exciting developments always occur in the crypto sector. Across the African continent, a lot is happening on both the development and regulatory fronts. 

It’s world mangrove day!

Want to give a shout out to @JimiCohen and the partnership with @fortreesclub for all of their efforts in mangrove tree planting.

They are the reason the Crypto Whales NFTs have planted almost 4,000 mangrove trees in Africa! 🥳

👏🏼👏🏼👏🏼 pic.twitter.com/bGKfYySFyR

— Monthly Earth Day – Crypto Whales NFT (@HighlyArtistic) July 26, 2024

Is Nigeria’s Crypto Policy Shifting Anti-Crypto, or Will Pro-Crypto Past Prevail?

Nigeria is adopting significant pro-crypto measures as its government intends to train its citizens on blockchain and AI.

Vice President Kashim Shettima announced the initiative this week, which will entail partnerships and government grants to train thousands in blockchain and AI development.

Nigeria already has one of the most vibrant crypto markets, and this move will elevate the sector further. 

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Crypto South Africa Jumps From Strength to Strength: Crypto Fest 2024 Follows Rand Stablecoin

Last week, a South African startup, Neonomad, embarked on a bold experiment: It intends to launch a Rand-backed stablecoin in the country.

The Rand, one of the continent’s strongest currencies, is a unique choice for a stablecoin, which typically pegs to global currencies like the USD or Euro. 

Now, in South Africa, the Crypto Fest 2024 is scheduled to take place between October 10 and 12 at the DHL Stadium in Cape Town.

Join us at Crypto Fest 2024 in stunning Cape Town! Celebrate African innovation with world-class speakers, diverse networking, and cultural experiences. Explore blockchain, crypto, and DeFi trends in a vibrant setting. #CF2024 #cryptofest

Tickets here: https://t.co/QmzenzMeAp pic.twitter.com/Sup8bZbGaS

— Bell2Bell (@Bell2BellBuzz) July 25, 2024

This conference intends to bring together investors, entrepreneurs, developers, and all crypto stakeholders who are making moves in the region. 

One other large crypto market on the continent, Kenya, is exploring changes to its crypto legislation.

The country’s President, William Ruto, assured North American crypto mining firm Marathon Digital of this after a meeting with investors.

After political turmoil, a power-sharing deal reached this week should calm political tensions in East Africa’s largest economy.

The country’s Central Bank warned investors in 2015 to handle crypto at their risk, but the tide is shifting with global trends.

Trending Crypto News In Africa This Week

Meanwhile, the following crypto news made headlines in Africa Crypto industry:

1. AgriDex Completes The First Agri Swap On Solana

AgriDEX, a decentralized marketplace on Solana, completed its first agricultural swap this week.  The settlement involved a trade of over 200 bottles of extra virgin olive oil, and multiple cases of wines moved from South Africa to London. What’s cool about this trade is that each side was charged just 0.15%. This is way lower than the fees charged by traditional platforms. The swap is a massive step in African tokenization that could open up even more markets.

2. Loka Mining and Hashlabs Launches Decentralized Mining Pool

Loka Mining has partnered with Hashlabs to develop and launch a decentralized Bitcoin mining pool. At the same time, they aim to promote sustainable mining using renewable energy sources. The protocol will provide miners with immediate liquidity by allowing them to sell future mining rewards to institutional investors at a discount using forward hash rate contracts. In this arrangement, the protocol will offer non-custodial BTC access without counter-party risk, boosting miners facing liquidity challenges.  

3. Kuvimba Mining House Taps Into The Blockchain For Gold Traceability

A gold producer in Zimbabwe, Kuvimba Mining House, is now leveraging the blockchain. It aims to enhance traceability and transparency in its mining operations. The decision also aims to make its operations compliant with international standards. To make this a reality, the gold producer will use the Comstack system to track gold from the source, that is, Zimbabwe, to the international market. In this way, Kuvimba will instill confidence among stakeholders about the legitimacy of its gold.

EXPLORE: Africa Crypto Review: South African Rand Stablecoin Launched, OKX Exits Nigeria

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.