Nigeria has emerged as king in the adoption of cryptocurrencies. Besides being ranked second in the global adoption index by Chainalysis and the country with the most Bitcoin search interest, another report by Consensys concludes that nearly all Nigerians have heard about cryptocurrencies.
In fact, within the last year alone, specifically between July 2022 and June 2023, Nigerians transacted more than N56.5T in digital assets.
The nation once again proves and maintains its continent-giant status in digital asset transactions and adoption.
There’s no doubt stablecoins have found product market fit. It’s being referred to as crypto’s “killer app” considering its ratio of market capitalization to the entire crypto market about its on-chain transaction dominance.
However, a good chunk of these transactions in Nigeria, Africa, and the world at large exists at the entry and exit points of fiat and cryptocurrencies, the on-ramp and off-ramp markets, without seeping through the cracks on the adoption barricades into our day-to-day transactions.
This is where the Finna Protocol’s mission emanates from.
Finna Protocol runs on the vision of making stablecoins the second nature of settlements.
Since people already choose to hold it as a store of value, an infrastructure that enables day-to-day transactions in this blockchain-backed asset is in order.
Finna protocol is building a multi-utility ecosystem for stablecoins in payments, collateralization, and remittances.
The infrastructure Finna protocol is building positions it to be a critical tool for the introduction and integration of other stablecoins & other digital assets into the African Web3 market.
On the 17th of November, Lars Seier Christensen, the chairman and founder of Concordium, a permissionless science-backed layer 1 blockchain, balancing accountability and privacy with an ID layer and Zero-knowledge proof technology, had a closed-door meeting with some of the biggest OTC and P2P traders in Nigeria.
The meeting was about the integration of EUROe, a new Euro-backed stablecoin issued on the Concordium blockchain, into the African market.
The discussion surrounding the opportunities and challenges of this new stablecoin integration was co-hosted by the co-founder of Finna Protocol, Adebayo Juwon, and this positions Finna Protocol to play a key role in this objective, leveraging the network of these Nigerian top-shot traders for a massive push of the new Concordium-backed stablecoin and other digital assets.
Coincidentally, all of these events are happening just after Finna Protocol announced the soft launch of its flagship product, the Stablecoin-backed fiat loans which has seen significant interest from its target market.
Whether stablecoins break beyond the current ceiling of adoption or not, depends on how much it finds use in our everyday lives beyond just as a store of value.
It significantly depends on the infrastructures put in place to make stablecoins the second nature of settlements and this is Finna’s north star.
