Nairobi, Africa’s Silicon Savannah may just be the Next Crypto Hub
Jan 27, 2024
Key Insights
- Nairobi is evolving beyond Mpesa with significant crypto-friendly innovations like Kotani Pay and companies such as Mara, BitPesa, and Hela Money, along with major exchanges like Binance and KuCoin.
- The regulatory climate in Kenya is becoming increasingly favorable for the crypto industry, highlighted by initiatives like the Digital Asset Policy Bill drafted by the Blockchain Association of Kenya and the upcoming Startup Bill.
- Nairobi ranks highly in global crypto adoption, with strong community engagement through platforms like Telegram and Discord. The city is also notable for its gender-focused crypto initiatives, such as Bitcoin Dada and Kenya Blockchain Ladies DAO, and is an attractive destination for digital nomads due to its quality of life and robust infrastructure.
The Evolution Beyond Mpesa
Nairobi is well known as the home of the revolutionary mobile money solution, Mpesa. However, its disruptive tech love story continued after Mpesa.
The city has been on the move when it comes to crypto. A similar chapter unfolds with the rise of another ethereal innovation – Kotani Pay. Aside from mobile money transfers, you can exchange crypto using Kotani’s app, even with a feature phone.
Other firms you’ll probably hear across boardrooms includeMara, BitPesa, BitLi pa, Hela Money, and ICP Kushite – to mention a few. There are also top crypto exchanges operating in the land, including Binance, ByBit, KuCoin, Coinmama, and Yellowcard.
Aside from that, Abu-Dhabi-based Venom Foundation, together with the government, is also aiming to establish a blockchain hub in Nairobi to implement blockchain solutions for sectors such as supply chain management to asset tokenization. Again, there is a $1 billion allocation to fund Web 3 and blockchain.
More people would want to migrate to such a crypto-friendly destination.
The Regulatory Climate is Quickly Changing
Regulation is also changing to be more favorable to crypto stakeholders. The highlight must be the Blockchain Association of Kenya (BAK) getting a mandate to draft a Digital Asset Policy Bill. Besides, the Kenya Parliamentary Committee approved the Capital Markets Bill to Tax Crypto Trading to promote governance and oversight in the rapidly growing sector.
It does not end there; the President, William Ruto, is also poised to sign the Startup Bill into Law by April. This means more incentives for startups, tax breaks, and access to credit. And after a nasty breakup with the “Orbs” company, Worldcoin, Kenya has recalled her ex, who will resume operations. But now, it will be under a comprehensive oversight policy framework.
Even though the government did not get it right initially, its progressive approach will be significant.
The Fearless Nature of the Nairobi Tech Space
Moving on to crypto adoption, Kenya emerges as number 21 worldwide and 3rd in Africa based on the crypto adoption index in 2023.
You can smell excitement about the myriad crypto opportunities across the nation, especially within the capital. It starts with a curiosity of knowing how to trade and channel into a funnel of crypto communities within various platforms such as Telegram, WhatsApp, and Discord. There is always the next guy who might know something about crypto. After all, most “crypto guys’ are rich, and everyone wants to be like them.
Another thing that will strike you about this city is how women have taken the lead in crypto matters. Bitcoin Dada and Kenya Blockchain Ladies DAO are passionate, bold, and unrelenting gender-focused Web 3 drivers.
Nairobi remains steadfast in captivating you with its dynamic charm, a paradox of modernity and tech-driven prosperity.
A Safe Haven for Digital Nomads
For digital nomads and expatriates looking to work in Nairobi, remember Numbeo ranked the city as the 5th in Africa for quality of life, falling behind its South African counterparts Cape Town, Pretoria, Durban, and Johannesburg. The city ranked highest in climate, traffic commute time, health, and pollution indexes. The metropolis is also known as a “place of cool” waters – another ‘London” away from home.
Apart from the high-end neighborhoods of Kilimani to Lavington, you’ll also be only 60 km away from the smart city of Konza. The city was ranked third in Africa for having the highest number of AirBnbs. According to AirDNA, listings have doubled between 2020 and 2023 to reach above 10,000 short-term rentals.
Undeniably! Nairobi has one of the best road infrastructures in the continent. The expressway will allow you to travel from the Jomo Kenyatta International Airport (JKIA) to the iconic business district, Westlands, close deals, and jet back.
You have to live well to enjoy your crypto earnings, right?
You’ll Never Walk Alone in Nairobi
The vibrance of a crypto hub is also in the people. In Nairobi, you’ll never miss an event at least monthly or weekly that you can attend. The city’s county government has an Innovate Nairobi Tech Week: A Digital Economy and Startup Program that brings over 500 innovation stakeholders together. The best part of blockchain is among the emerging technologies featured in this event. Crowning it all is the highly anticipated Eth Safari that allows you to meet and learn about blockchain while enjoying the breathtaking sceneries of the Kenyan wild – just a few kilometers from Nairobi. Take a look at the ETHSafari 2022 Conference & Festival below:
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