[New post] FTX Expansion into Africa: A new initiative to regain its former glory
Web3Africa posted: " FTX turns to its crypto ambassadors to try and regain its lost trust in Africa's crypto Industry Africa holds 60% of the world's youth population between the age of 18 ad 25. Fortune Atueyi stated that FTX enlisted him as their African c" FurtherAfrica
As the FTX crypto exchange tries to recover from last year's crash, it has turned its attention towards Africa's crypto ecosystem. In search of more African crypto ambassadors, FTX is now targeting the high youth count within the continent. They stated that each student that referred their fellow peer to trade with the already bankrupt crypto exchange would receive a 40% commission. Some claim this is a strategic move from the former titan to gain momentum through African crypto traders. Others claim it is a mere act of desperation.
The strategic view of a crypto ambassador
Currently, Africa holds 60% of the world's youth population between the age of 18 ad 25. It is the number one continent in terms of human capital. This fact is well-known within the crypto industry. This target age group is commonly found within Universities. Thus various figureheads within the crypto ecosystem have pushed several initiatives. A majority aims to educate them on matters concerning the crypto industry.
FTX crypto exchange sets the eyes of the continent's crypto traders and ecosystem by turning to crypto ambassadors.
In a previous article, we highlighted the vastly increasing number of blockchain courses offered within universities. Last year alone, at least 100 new blockchain developers graduated from ABC university. These programs are a means to gradually improve the number of African crypto traders. This is possible through instilling the knowledge to not only navigate through the crypto ecosystem but also come to design and create their decentralized network.
Thus with this vast human capital having a crypto ambassador is a very vital strategy. A crypto ambassador is a typical brand ambassador.
African crypto ambassadors must have hands-on knowledge about the crypto industry and be proactive with crypto trading. Further, they are to have local connections within their target group and have the means to educate their peers.
Unfortunately, even after the rapid growth of Africa's crypto Industry, many still claim it is a hoax. The primary function of an African crypto ambassador is to clear all myths and misconceptions about crypto. Seeing is believing in Africa. Thus having an agent among the locals with the ability to prove that a specific exchange or crypto coin works significantly boosts its adoption rate.
One of the crucial reasons why Binance has such a high rating among African crypto traders is the establishment of several African crypto ambassadors. Many people may not know this, but with a well-established brand, an ambassador can significantly push the growth rate of any organization. FTX crypto exchange is aware of this fact. To restore its tarnished reputation, it has launched a new FTX in Africa initiative by placing crypto ambassadors in universities.
Establishing African crypto ambassadors to boost FTX in Africa initiative
FTX in Africa is a new initiative the crypto exchange launched as part of its recovery strategy. The organization has enlisted several African crypto ambassadors from several universities to host events and workshops targeting their friends and classmates. One of their main target grounds is the University of Nigeria.
Here Fortune Atueyi told CNBC that FTX enlisted him as their African crypto ambassador to target the lucrative crypto industry within Nigeria. He stated that within the FTX in Africa initiative, he must build a target audience of 500 to 1500 people. His main job is to encourage the use of crypto and educate people on the various benefits of crypto assets. Before its downfall, FTX had an extensive reach within Africa's crypto ecosystem. However, after it went under, many were sceptical about its crash. This made the work of African crypto ambassadors, especially difficult.
Despite this FTX has continued to offer promotions and other services. These are mere attempts to recover from its downfall despite the vivid disdain from African crypto traders.
FTX in Africa still has a long way to go. Many African crypto traders lost much of their hard-earned money to the crash, and the very association with it is currently unheard of. With its reputation in tatters, the FTX crypto exchange is still trying to egg on AFricna crypto ambassadors to continue with their exploits. This may be unlikely, especially since CBNC u uncovered that several individuals guided by former African crypto Ambassador Imran Yahya, have lost money in the crash and are yet to receive any form of compensation.
Despite its numerous attempts at regaining its hold in AFrica's crypto ecosystem, it's essentially high time FTX concedes defeat. It's occasionally rare to witness a bankrupt crypto exchange recover. Take MT Gox into account, its creators gave up and shut down their operations, and it is imperative to remember that the FTX crash is termed the largest crypto crash in history. The best we can do is classify its attempt at the FTX in Africa initiative as a noble act of redemption, but the likelihood of its recovery is slim to none.
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