Oladotun Wilfred Akangbe, the chief marketing officer of Flincap, a platform for African over-the-counter crypto exchanges, emphasized the cryptocurrency industry’s impressive growth and maturity, with a particular focus on Solana’s resilience and community efforts in Africa.
Akangbe discussed with Cointelegraph how the crypto industry is steadily maturing, showcasing its ability to overcome challenges that previously would have caused significant market downturns
Despite obstacles, including regulatory issues with Binance and its founder Changpeng Zhao pleading guilty in November 2023 to violating U.S. money laundering laws, the industry continues to expand.
Akangbe noted that the strength and adoption of technology largely depend on the vitality of its community.
Crypto projects that consistently address community problems, especially in areas like remittances and international payments, demonstrate positive year-on-year growth.
“With the kind of communities built around several crypto projects, we’re closer to mainstream adoption than ever before,” Akangbe stated.
His comments follow a series of Solana Allstars Nigeria community meetups across various Nigerian locations, highlighting Solana’s robust community presence in Africa.
The Solana Foundation has launched numerous activities, including meetups, hackathons, and educational workshops, effectively integrating many Africans into the Solana ecosystem.
These initiatives enhance community engagement and drive the practical application of blockchain technology.
Globally, various decentralized groups promote Solana, with the Solana Allstars team in Nigeria recently emerging as one of the most active Web3 adoption groups.
Akangbe pointed out that these efforts shift user focus from price fluctuations to the real-world utility of Solana’s projects.
Speculation has grown around the potential approval of a spot Solana exchange-traded fund (ETF) in the U.S.
Bloomberg analyst Eric Balchunas suggested that such an ETF might only become feasible with a change in U.S. administration and leadership at the Securities and Exchange Commission.
Several ETF issuers have submitted applications for a spot Solana ETF. On June 28, 21Shares filed an S-1 application with the SEC, a day after ETF issuer VanEck filed their application.
On July 1, Solana (SOL) dropped over 15% in 48 hours, reaching a low of $121. Weekly losses for SOL stood at around 10%, with a 23% decline over the past month.
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