Saturday, May 18, 2024

Worldcoin, American Digital Currency marketplace Enters Kenyan market

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The organization is teaming with local organizations to provide access to the global digital economy and to offer educational resources to Kenyans about blockchain technology and emerging web3 technologies.

One of the key features of Worldcoin’s entry into Kenya is the launch of a peer-to-peer (P2P) exchange that allows individuals to quickly and easily access digital currencies and US dollars directly with one another, without the need for a centralized third party to facilitate the transactions.

This P2P exchange is developed by Tools for Humanity (TFH), a technology company that supports the Worldcoin protocol.

Since its pilot phase, Worldcoin has garnered over 360,000 sign-ups and the World App has been downloaded over 1,200 times per day.

With 16 locations across Nairobi, the product provides Kenyans with access to the USD and cryptocurrencies, which were previously limited and expensive to acquire.

The P2P agents are also Worldcoin Operators, providing an added layer of transparency and trust.

Read Also: Collapsed US crypto firm FTX investing billions in Mara, chipper cash and Bitpesa firms in kenya

The cryptocurrency industry in Kenya has been steadily growing in recent years, with a rising number of crypto projects and increasing adoption by the general population.

In 2022, the UNTCAD estimated that there were around 1.5 million active cryptocurrency users in the country, and this number is expected to continue to rise.

Kenya’s strong mobile money infrastructure, with services such as M-Pesa, has been a significant driver of crypto adoption in the country.

Additionally, the Kenyan government has set up a task force to explore the potential use cases for the technology in various industries.

“Kenya is the financial and tech hub of East Africa, and there’s a strong, natural interest here in the technologies that are shaping the global digital economy. Worldcoin is a good example of that kind of technology, not only because of the service it provides but because, through the engagement of Tools for Humanity, it allows Kenyans to learn more about cutting-edge financial and identity products,” Wangechi Mwangi, Market Manager for TFH in support of Worldcoin East Africa said.

Worldcoin’s entry into Kenya also includes initiatives focused on education and engagement. In April 2022, TFH introduced local Kenyan founders and entrepreneurs to World ID, a new privacy-first digital identity protocol.

The World ID for East Africa event focused on developing use cases for the technology that would be most relevant to Kenyans.

Worldcoin also sponsored ETHSafari, the first ETH conference in sub-Saharan Africa, alongside organizations like Polygon and Celo.

The multi-day event brought together individuals from around the world to learn, hack, discuss, and celebrate the decentralized future.

Read Also: Kenyans lead the world in peer to peer crypto trade

Worldcoin also sponsored a hackathon in parallel with ETHSafari, awarding the best projects developed with the World ID SDK.

In addition to these initiatives, TFH has been working with Strathmore University, one of the country’s leading schools for commerce and technology, to teach students about emerging technologies like blockchain and web3.

The collaboration ranges in scope from summits about the evolution of web3 to upcoming hackathons building with the World ID Software Developer Kit.

Worldcoin’s entry into Kenya aims to provide access to the global digital economy and to offer educational resources to Kenyans about blockchain technology and web3.

The P2P exchange, developed by TFH, provides easy and inexpensive access to digital currencies and US dollars, which were previously limited and expensive to acquire.

With a focus on collaboration and education, Worldcoin’s expansion into Kenya aims to provide opportunities for economic growth and technological innovation.

Source : CapitalFM

Samuel Musila
Samuel Musilahttps://techknow.africa
Passionate Software Developer and Tech content creator From Nairobi, Kenya

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