The digital currency market is the biggest thing in recent times but seems to be a business reserved for the giant economies of the world. The market value of a bitcoin is well above what most countries; especially those in the global south can participate.
Most African countries are battling with poverty on daily bases with more than half of their populations living under 3$ a day which is an indication that the Bitcoin business is certainly a difficult one to venture. However, several publications by experts in recent times are pointing to one thing considered to be the ice breaker for the African continent; it is the Initial Coin Offerings (ICOs).
The model that ICOs operate promotes inclusion of less powerful economies such as Africa by helping them start and advance in projects with global appeal but in a less costly manner. According to Bashir Aminu, founder of Cryptogene, ICOs are necessary for businesses particularly in the less developed countries where it is difficult to get funding support.
Despite the challenges ICOs has with regards to issues of scams in its crowdfunding model, it presents the best window of African start-ups to succeed if done with carefulness. Several others including Mounir Belaid, the co-founder at Sandfox Studio in Casablanca and Marcus Adetola, co-founder of Potentiam, endorsed that ICOs is the only fundraising method that has the possibility to promote Blockchain-based projects because it is user-friendly and encourages local participation. The bottom line is that, ICOs has the potential to draw investors to Africa and help solve local problems however, more time is needed to help people educate themselves on its method of fundraising.