EXCLUSIVE: Crypto Exchange LBank Targets African Cryptocurrency Market With 17 Web3 Projects

LBank, an Africa-focused cryptocurrency exchange, announced Monday that it has multiple growth-oriented projects and initiatives aimed at facilitating mass adoption of Web3 applications and cryptocurrency investments on the continent.

LBank Aims For Crypto Growth In Africa: LBank launched its Crypto Accelerator Program in partnership with Adanian Labs, a Kenya-based tech investment and accelerator lab.

Since the launch, LBank said it has helped onboard 17 new cryptocurrency projects, offering mentoring and guidance to incubating Web3 projects in Africa. 

“Blockchain can help Africa create an inclusive society and a robust economy — one that supports the highest standards of living. With the right projects and infrastructure in place, we can create a better economic system in which more people are employed and have better access to wealth-generating opportunities than ever before,” LBank CEO Allen Wei told Benzinga. 

The Background: The growth of LBank has been accelerated by a growing interest in the cryptocurrency space in Africa, as well as a number of initiatives recently rolled out by LBank and its partner ventures, according to the company.

By rolling out the Crypto Accelerator Program, LBank said it is helping to educate businesses, consumers, government entities and other parties on the benefits and value-added potential of new technologies and solutions.

Alongside the growth of LBank, its partner Adanian Labs said it has grown massively throughout Africa. The firm has established its presence in the most populous country in Africa, Nigeria, as well as other countries in the region, including Tanzania, Zambia and South Africa.

Adanian Labs aims to continue expansion into the Democratic Republic of Congo, Senegal and the Ivory Coast.

With the goal of generating interest in technological exploration and innovation, LBank has arranged a series of monthly educational meetups across Africa called “LBank and Adanian Crypto Days.”

The meetups will facilitate networking and partnerships in the African tech community, particularly in the Web 3 space.

Crypto Developments In Africa: Emurgo Africa, a subsidiary of Emurgo, is part of the official commercial division of the Cardano project and is an investor in LBank’s and Adanian Labs’ initiatives.

By funding these enterprises, Emurgo is demonstrating its commitment to helping onboard users all across Africa onto Cardano’s fast, flexible, and purpose-built blockchain.

Moreover, The Nigerian Export Processing Zones Authority (NEPZA) is in talks with Binance to create a Virtual Free Zone in Nigeria, similar to the Digital Free Zone in Dubai. This may act as a catalyst for Web 3 innovation in the region.

LBank’s Wei spoke about the importance of a Virtual Free Zone.

“LBank believes that the recent announcement from NEPZA about the creation of Virtual Free Zone in Nigeria will provide a level playing field for all participants in the digital economy. It will also help to reduce the entry barriers that have prevented many Nigerians from participating in this growing sector," he said.

"LBank is already doing its bit through our global educational campaigns and the Crypto Accelerator Program."