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\n<\/div>\nHootsuite\u2019s 2019\u00a0Global Digital Report\u00a0ranked South Africa as the world\u2019s top nation for crypto ownership, with 10.7% of internet users in the country holding a financial interest in cryptocurrency. <\/span><\/span><\/span><\/span><\/p>\n The global average was only 5.5%.<\/span><\/span><\/span><\/span><\/p>\n <\/p>\n \u201cThis is the second indicator in the past few weeks which shows that Africa, and in particular South Africa, is ripe for a transition towards digital currencies. <\/span><\/span><\/span><\/span><\/p>\n There\u2019s untold, massive potential here,\u201d said Richard Gardner, CEO of\u00a0<\/span><\/span>Modulus<\/span><\/span>,<\/span><\/span> a US-based\u00a0<\/span><\/span>developer of ultra-high-performance exchange technology<\/span><\/span>. <\/span><\/span>\u201cThe continent actually may serve as a leader in terms of early adoption.\u201d<\/span><\/span><\/span><\/span><\/p>\n <\/p>\n Both Ghana and Kenya also ranked among the top 45 nations in the survey, which included responses from internet users between 16-64 years of age. Earlier this month, crypto exchange Paxful indicated significant transaction volume growth within the continent.<\/span><\/span><\/span><\/span><\/p>\n \u201cThis new survey is the latest evidence that Africans are adopting this emerging technology at a rapid rate. There are geopolitical factors at play that combine to make the continent an ideal petri dish for innovation within the industry,\u201d noted Gardner. <\/span><\/span><\/span><\/span><\/p>\n \u201cHere, this isn\u2019t just speculation or an academic exercise. Digital currencies already have a place within the economy, and they fulfill a real need.\u201d<\/span><\/span><\/span><\/span><\/p>\n \u201cFiat currencies throughout Africa have long been weak on the international market. The volatility and instability found within these monetary systems have hamstrung the economies of emerging markets,\u201d explained Gardner. \u201cThat\u2019s why cryptocurrencies are so appealing. Even as the industry has had some volatility of its own, many investors in Africa have looked to digital assets as a way to guard against inflation.\u201d<\/span><\/span><\/span><\/span><\/p>\n <\/p>\n The South African Rand, among other currencies including the Zimbabwean Dollar, are struggling against alternative currencies, whether digital or fiat. <\/span><\/span><\/span><\/span><\/p>\n \u201cThere is significant talent within Africa, especially in the technology sector. Adoption of digital currencies may have been jumpstarted by circumstance, but anybody counting Africa out from the tech race is premature,\u201d said Gardner.<\/span><\/span><\/span><\/span><\/p>\n \u201cYes, there are a host of challenges that economies throughout the continent face, including access to infrastructure. But, as they say, necessity is the mother of innovation,\u201d said Gardner. \u201cAs the world realizes that the technology behind cryptocurrencies is here to stay, Africa may be a prime position to attract specialty start-ups. Obviously, such an injection into a community and economy would have far-reaching ripples.\u201d<\/span><\/span><\/span><\/span><\/p>\n <\/p>\n Modulus is known throughout the financial technology segment <\/span><\/span>as\u00a0a leader in the development of ultra-high frequency trading systems and exchanges.<\/span><\/span> <\/span><\/span><\/p>\n Over the past twenty years, the company has built a client list which includes Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, NASA, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and University of Chicago.<\/span><\/span><\/span><\/span><\/p>\n \u00a0<\/p>\n <\/p>\n<\/div>\n