Crypto trading firm enters Kenyan market

Crypto trading company, Worldcoin, has teamed up with local organizations to provide access to the global digital economy and to offer educational resources on blockchain technology and emerging web3 technologies to Kenyans.

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.

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 of Humanity (TFH), a technology company that supports the Worldcoin protocol.

Ms Wangechi Mwangi, Market Manager for TFH in support of Worldcoin East Africa, said that 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,” she said.

Wangechi Mwangi – Market Manager, East Africa, Worldcoin

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.

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.

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.

Worldcoin’s entry into Kenya also includes initiatives focused on education and engagement.

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.

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