Kenyans will now be able to quickly and easily access digital currencies and US dollars directly with one another, without the need for a centralized third party to facilitate the transactions.
This is following the entry of Worldcoin, a protocol that is intended to be the world’s largest, most inclusive identity and financial public utility into the Kenyan market
In its expansion throughout Nairobi, the firm is teaming with local organizations to provide access to the global digital economy and to offer educational resources to Kenyans about blockchain technology and emerging web3 technologies.
Tools for Humanity Market Manager Wangechi Mwangi, said that Kenya is the financial and tech hub of East Africa, and there’s a strong, natural interest here in the technologies that are shaping the global digital economy.
“Worldcoin is a good example of that kind of technology, not only because of the service it provides but because, through the engagement of Tools for Humanity, it allows Kenyans to learn more about cutting-edge financial and identity products.”
The cryptocurrency industry in Kenya has been steadily growing in recent years, with a rising number of crypto projects and increasing adoption by the general population.
In 2022, the UNTCAD estimated that there were around 1.5 million active cryptocurrency users in the country, and this number is expected to continue to rise.
Kenya's strong mobile money infrastructure, with services such as M-Pesa, has been a significant driver of crypto adoption in the country.
One of the key features of Worldcoin's entry into Kenya is the launch of a peer-to-peer (P2P) exchange that allows individuals to quickly and easily access digital currencies and US dollars directly with one another, without the need for a centralized third party to facilitate the transactions.
The P2P exchange provides easy and inexpensive access to digital currencies and dollars, which were previously limited and expensive to acquire.
With a focus on collaboration and education, Worldcoin's expansion into Kenya aims to provide opportunities for economic growth and technological innovation.
With 16 locations across Nairobi, the product provides Kenyans with access to the USD and cryptocurrencies, which were previously limited and expensive to acquire.
