The African continent’s weekly Africa Crypto news roundup includes the launch of the AFRO meme coin, the growth of service providers in the crypto Nigeria community, Hamster Kombat flopping after launch, and the obtaining of approvals.
Nigerians Fume After Hamster Kombat Flop Launch
Months after online Hype, Hamster Kombat, a tap-to-earn project, launched before tanking. This has left Nigerians fuming and feeling scammed.
Their disappointment considers months of hard work, tapping in the hopes of striking a jackpot.
However, as it turns out, most users received bare minimum payouts, far below what they anticipated. Anger and disappointment is clear on social media, especially as the token struggles for momentum.
Bitget’s Rapid Expansion In User Base: Crypto Nigeria Powers Growth
Seychelles-based crypto exchange has reported a 1,600% increase in its user base across Africa. Most of the growth came from the Nigerian market, which is one of the most vibrant crypto markets on the continent.
The growth is also partly due to improved access to smartphones across Africa as well as improved internet connectivity. Each year, millions of people come into the online and Web3 spaces because of these advancements.
Bitget has also enlisted key opinion leaders to spread awareness about its services. These efforts have combined to achieve a great improvement in its reach.
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Afro Meme Coin Launches in Uganda
Move over Dogecoin; there is a new sheriff in town.
Well, to the extent you say that, Afro meme coin by Uganda’s Mitroplus Labs Africa is here to give crypto users an alternative meme coin experience.
Afro has the theme of an African girl and has launched on the Tron blockchain.
This meme coin project aims to be educational in Uganda and across Africa. Its goal is to spread crypto awareness and present crypto as a tool for empowerment.
Using the aesthetic of an African girl is deliberate because of the empowerment efforts that have taken place in the past two decades continent-wide.
EA Labs Obtains Crypto Asset Service Provider
South Africa financial service provider EA Labs has obtained a regulatory license from the country’s Financial Sector Conduct Authority.
EA Labs has procured the Category 1 License and looks to incorporate standard banking practices into its digital solutions. South Africa enacted a licensing regime for crypto institutions in the country to create a positive and structured environment for such service providers.
Regulatory progress is a boost for crypto investors seeking certainty from service providers. Such efforts by regulators in countries like South Africa will likely have the collateral effect of boosting investor confidence.
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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.