The pool of African Bitcoin talent and what it signifies for the future of cryptocurrency are both expected to change as a result of Btrust’s acquisition of Qala.
- A top African Bitcoin talent firm, Qala, is purchased by Btrust, which is backed by Jack Dorsey.
- The purchase intends to increase African Bitcoin knowledge on a global level.
- Because of its distinctive positioning in the African market, Qala is a strategic asset for Btrust.
Supporters of cryptocurrencies have long praised the promise of the sector to bank the unbanked. With the acquisition of Qala, the Jack Dorsey-backed Btrust now seeks to draw from the talent pool of the regions most impacted by this problem.
African Bitcoin Talent Company Qala is Acquired by Btrust
Btrust is a proponent of decentralized Bitcoin software development and was founded with the help of Jack Dorsey and Jay-Z. Btrust purchased Qala, a company that educates African engineers in Bitcoin and Lightning, on Tuesday, September 5.
After the acquisition is complete on September 1, 2023, Qala will join the Btrust Builders Program, showing a common desire to promote open-source engineering for Bitcoin, particularly from the Global South.
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Since its launch in 2021, Qala has played a key role in connecting African software developers with global Bitcoin businesses. It has an impact on more than 42 African countries, and its initiatives have allowed job placements at companies including Bitnob, Galoy, and SphinxChat.
Co-Founder and Director of Qala Bernard Parah shared his thoughts on the merger, highlighting how it could improve how people understand and use Bitcoin to solve particular problems in Africa.
Stephanie Titcombe and Femi Longe, both from Qala, will join Btrust and offer their knowledge to the Btrust Builders Program.
Blockchain and Bitcoin in Africa
Blockchain technologies and the cryptocurrency industry are being quickly adopted throughout Africa. The continent’s distinct socioeconomic issues have made it a favorable environment for adoption.
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Africa, while having the smallest volume, is one of the crypto markets with the quickest growth internationally, claims Chainalysis. At their peak in mid-2021, cryptocurrency transactions on the continent totaled $20 billion per month.
South Africa, Kenya, and Nigeria are the region’s most populous nations in terms of users. The inherent volatility of these digital assets makes them less desirable as a store of value, despite the fact that many Africans use cryptocurrencies for commercial payments.
On the other hand
While cryptocurrency use in Africa is accelerating, a sizeable section of the continent’s population still lacks access to the required technology or internet connectivity.
Despite some regions having high penetration rates, Africa is a very modest market for cryptocurrencies.
Why It’s Important
The partnership between Btrust and Qala illustrates the potential of cryptocurrencies in the Global South, particularly in Africa.
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