% 1.91
BTC Dominance:
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
$ 58.460
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

Exchange Manager: Solana Contributed to the Maturation of Africa’s Crypto Market


Oladotun Wilfred Akangbe, chief marketing officer of Flincap, a platform for African crypto exchanges, highlighted the remarkable growth and maturation of the cryptocurrency industry. It focused specifically on Solana’s resilience and community efforts in Africa.

In his statement, Akangbe stated that the crypto industry is gradually maturing and has proven resilient to various challenges that would previously lead to market declines.

Despite serious challenges such as regulatory issues around Binance, the delisting of BUSD, and the resignation and conviction of Binance founder CZ, the industry remains robust. The strength and adoption of any technology depends on the vitality of its community, the executive notes. Crypto projects’ continued focus on solving community problems demonstrates positive year-on-year growth, especially in remittances and international payments.

“With communities built around many crypto projects, we are closer than ever to mainstream adoption.” Akangbe’s thoughts come after the recent Solana Allstars Nigeria community gatherings held in various parts of Nigeria. Solana, a leading blockchain platform, exemplifies the power of this community. Despite market fluctuations, Solana’s community in Africa continues to thrive.

Solana Foundation has initiated various events such as meetups, hackathons and training workshops that have effectively included many people in Africa into the Solana ecosystem. These initiatives increase community engagement and enable practical adoption of blockchain technology.

Various decentralized groups around the world are simultaneously promoting Solana, with the Solana Allstars team in Nigeria standing out as one of the most active Web3 adoption groups. Akangbe noted that these efforts shift users’ attention to real-world usage of Solana projects rather than price movements.

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There is speculation about the emergence of spot Solana (SOL) exchange traded fund (ETF) in the US. According to Bloomberg analyst Eric Balchunas, the ETF would only be possible with a change in management and the leadership of the securities regulator.

So far, several ETF issuers have filed applications for the Solana ETF. On June 28, 21Shares filed an S-1 with the U.S. Securities and Exchange Commission for the spot Solana ETF, after ETF issuer VanEck surprisingly filed for the spot Solana ETF the day before.

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