The platform has also unveiled its new 4,000-square-meter headquarters in Port Harcourt, marking a major step in its expansion plans across Africa.

Designed to support businesses and startups focused on integrating crypto payments into their operations, the initiative particularly focuses on 100Pay’s innovative PAY Checkout platform.

The company noted in a statement that the $200K fund aims to empower startups driving crypto adoption through PAY Checkout, enabling them to access resources and support needed to implement crypto transactions in physical stores, e-commerce platforms, and mobile apps.

Some of the startups that have already benefited from the fund include Everest Mobility, a ride-sharing platform; Cloudnotte, an edutech firm dedicated to making education more accessible; and Meedleman, an escrow service designed to protect freelancers and ensure timely payments.

According to 100Pay, its PAY token, which offers users discounted crypto payments, is central to this program, providing businesses with a seamless way to accept digital currencies straight to their local bank accounts.

“With over 20,000 businesses already onboard, we’re focused on making crypto more accessible for Nigerian businesses,” said Brainy Josh, CEO and founder of 100Pay.

“Our $200K startup fund is a key part of that vision, giving businesses the tools and support to attract crypto-savvy customers,” Josh remarked.

Josh revealed that the company’s infrastructure enables payment acceptance in over 20 cryptocurrencies. He highlighted the platform’s capability for swift conversions from USDT and PAY tokens to Naira, thereby eliminating the need for peer-to-peer transactions.

He also disclosed that 100Pay’s infrastructure is driving HXAfrica, a Security and Exchange Commission-licensed housing exchange. According to him, HXAfrica simplifies real estate investment through tokenization.

The CEO further disclosed that the company is partnering with Nano Apps, a cross-platform app store, to support app developers within its ecosystem.

“We are also forming strategic partnerships with major tech and retail brands, including LG, Samsung, Hisense, and BRUHM.”

In line with its expansion efforts, the company is also working with top e-commerce platforms, ride-sharing services, and utility payment apps to integrate its PAY Checkout system.

In terms of expansion, 100Pay is creating job opportunities, with over 50 new hires and plans to add 1,000 jobs in the next 24 months, the CEO said.“The company’s Port Harcourt headquarters is home to a growing team of engineers and customer support specialists,” he stated.

Lagos State is set to become the next crypto capital as the Governor, Mr. Babajide Sanwo-Olu announced bold proposals for crypto adoption in the bustling commercial hub in Nigeria, with a vibrant tech ecosystem and a large population of young, tech-savvy individuals.

The announcement is a significant shift in the political landscape of Nigeria, where cryptocurrency has long been a controversial topic, despite the fact that Cryptocurrency has gained significant traction in the state over the years, with a growing number of individuals and businesses adopting it as a means of payment and investment.

Lagos State alone is home to hundreds of Blockchain and Crypto businesses with over 5 million users.

In a short video, while engaging a group of cryptocurrency enthusiasts in Lagos, the governor noted that the role of government is to provide an enabling environment where young people can thrive and realise their potential.

“Lagos state has become an enviable state for startups, especially in the technology and innovation sector. Thus, we are committed to working with all stakeholders to promote the growth of the tech and blockchain industry, including cryptocurrency in Lagos State,” he said.

He said the government recognises the potential of crypto in transforming the state’s economy. Thus, the government will continue to create a space where startups and innovators can come together to develop solutions to the challenges facing the society, emphasizing that innovation is the key to unlocking the potential of Lagos and as a governor, he is committed to supporting those willing to take on these challenges.

“We cannot afford to be left behind in the global shift towards digital currencies. Cryptocurrency has the potential to drive economic growth, create jobs, and empower our youth. As leaders, we must embrace innovation and create an environment that encourages its adoption,” Sanwo-Olu, who is seeking a second term in office added.

Some of the initiatives proposed by Sanwo-Olu to boost crypto adoption in Lagos State include the establishment of a dedicated sandbox regulatory framework for cryptocurrency, the creation of a crypto-focused innovation hub and the provision of incentives for businesses that accept crypto payments.

Watch the video here.

Although in 2022, the digital asset industry saw several high-profile breaches of trust and was largely characterized by volatility, the adoption of cryptocurrencies within the continent continued to grow.

There has also been a shift in reliance on traditional payment systems, creating a preference among young Africans for cutting-edge payment platforms over conventional ones.

ALSO READ: Binance 2022 Scorecard

Africa, the second-most populous continent in the world with over 1.5 billion inhabitants, boasts a truly diverse and developing economy.

According to Chainalysis, Kenya, Nigeria, South Africa, and Tanzania had among the highest rates of crypto adoption worldwide, ranking in the top 20 of the global adoption index.

As Web3 real use cases continue to grow, it is critical to comprehend the factors that have fueled this expansion.

Here are a few things to remember.

1. Remittance Payments

Remittances are a major driver of the global economy, with billions of dollars moving around the world each year. In Africa, remittances make up 1.3% of GDP and are expected to grow at an annual rate of 5.2% through 2025.

The World Bank has estimated that there are about 400 million migrant workers in Africa, with about 50% of these migrants living outside their home country.

African households receive $100 billion in remittances each year – more than they spend on education and healthcare combined!

However, it is well known that several African nations now set a cap on the amount that can be transferred as well as charge steep rates.

As a result, the number of remittance payments made using cryptocurrencies have been consistently increasing because of lower restrictions and fees, hence causing an upward scale in the crypto adoption rate as shown by Analysis.

A recent study also shows that African cross-region transfers make up a more significant share of its cryptocurrency market than any other region globally, with Sub-Saharan Africa receiving over $ 48 billion of estimated remittances in 2019.

Binance is aware of how increasingly people’s daily lives are being influenced by the world of blockchain and cryptocurrency as the Web3 market expands and so they continue to add new utilities and functionalities to enhance every aspect of their users’ Web3 experience. For example, its recent product, Binance Pay – a contactless, borderless, and secure cryptocurrency payment technology, that ensures that users around the world can send and receive crypto across continents. Features such as this,  provide increased accessibility of people’s own money whenever they need it and further highlight the user-centric character of digital assets.

2. Fiat Devaluation

In recent times, there has been a continuous trend of the devaluation of multiple African currencies, and this has invariably increased the value of the African crypto market.

This is because cryptocurrencies have given them the ability to preserve their savings without having to worry about inflation through stable digital currencies known as stablecoins.

Owing to this, Binance has continued to be one of the most popular and widely recognized platforms in the African crypto market, where Africans can trade bitcoins or exchange their currencies for other stablecoins.

3. International Trade

Cryptocurrencies have also grown to be a vital component of global trade as a result of their increasing acceptance in a variety of settings and nations.

Before cryptocurrency, the cross-border payment bureaucracy was unquestionably a machine that prevented exchanges that could significantly benefit developing nations. Additionally, there is the difficulty of concluding international agreements using various currencies, a problem that is particularly prevalent on the African continent.

Cryptocurrencies make it easier to transfer and receive money internationally, which is a game-changing option for countries with underdeveloped banking infrastructure. Since crypto-based transactions reduce the risk associated with international trading, safety concerns are also improved in this situation.

The data speaks for itself and it is clear that Africans are beginning to adopt new technologies, albeit still early. Considerable progress is also being made in the area of regulation and a stable regulatory environment will drive further support for innovation and solidify budding trust in the industry, leading to long-term growth.

4. Youth Interest and Education

Young people account for about 60% of the African population and by 2030, young Africans are expected to constitute 42% of global youth, according to the World Economic Forum. African youth are eager to explore new opportunities to raise their level of living and generate income.

It is impossible to separate the growth of cryptocurrencies in Africa from this group’s set of interests and needs considering that several Africans under the age of 25 are looking for the most cutting-edge and reputable industries to invest in.

In addition, the rise of cryptocurrency usage across Africa is aided by regionalized crypto education programs such as the ones Binance offers have indeed helped fuel this interest and led to increased adoption.