Solana Impacts Africa’s Crypto Market Maturity — Exchange exec

Oladotun Wilfred Akanbe, Chief Marketing Officer of Flinkap, highlighted the remarkable growth and maturity of the cryptocurrency industry, mainly focused on Solana's resilience and community efforts in Africa, the platform for African OTC crypto exchanges.

Akangbe told Cointelegraph that the crypto industry is constantly growing, which shows its ability to withstand the various challenges that caused the previous market crash.

Resistance to the Crypto Industry

Despite serious challenges such as regulatory issues surrounding Binance, the cancellation of BUSD, and the resignation and sentencing of Binance founder CZ, the industry remains strong.

According to the executive, the strength and acceptance of any technology largely depends on the energy of the community. Crypto projects' continued focus on solving community problems, especially in money transfers and international payments, shows positive growth year after year.

“With the kind of communities built around different crypto projects, we're closer to mainstream adoption than ever before.”

Akanbe's sentiment has been echoed by the recent series of Solana Allstars Nigeria community meetings held in various parts of Nigeria. Solana, a popular blockchain platform, is an example of the strength of this community. Despite market fluctuations, the Solana community in Africa is growing.

Solana will lead Africa's Web3 adoption.

The Solana Foundation has launched several activities such as meetups, hackathons and educational workshops that have successfully brought many Africans into the Solana ecosystem. These initiatives will strengthen community engagement and promote the application of blockchain technology.

Various decentralized groups around the world promote Solana simultaneously, the Solana Allstars group in Nigeria has recently emerged as one of the most active Web3 adoption groups. Akanbe said these efforts have shifted users' attention from mere price movements to the real-world utility of Solana's projects.

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There has been speculation that Spot Solana (SOL) will emerge as an exchange-traded fund (ETF) in the United States. According to Bloomberg analyst Eric Balchunas, the ETF will only become viable if there is a change in management and the leadership of the securities regulator.

To date, several ETF issuers have submitted applications for the Solana ETF. On June 28, 21Shares filed an S-1 filing with the U.S. Securities and Exchange Commission for the Place Solana (SOL) ETF, one day after ETF issuer VanEck made a surprise move to list the position.

Solana, the parent company of Solana Networks, fell more than 15% to reach a low of $121 in 2018.

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