Binance To Build ‘Digital City’ In Nigeria To Develop Blockchain Projects

Binance To Build 'Digital City' In Nigeria To Develop Blockchain Projects

Binance To Build ‘Digital City’ In Nigeria To Develop Blockchain Projects

  • Nigerian authorities sign agreement with Binance
  • The Exchange will act as the main contractor for the construction of “Digital City”
  • This is a virtual free economic zone

Today, September 5, the Binance crypto exchange officially announced a partnership with the government of Nigeria. The company will commit itself to create a digital economic zone, which will lead to the development of fintech projects and local blockchain infrastructure. 

The Nigerian Export Processing Zones Authority (NEPZA) said the project will be the first of its kind in Africa. A similar free economic zone operates, for example, in Dubai. 

“Our key goal is to create a space free for innovation. This will open Nigeria’s access to a virtual economy, which is estimated at trillions of dollars,” the head of the department emphasized. 

The timing of the initiative, as well as its details, is still unknown. Binance is involved in a similar project in Busan. There, the exchange became the official partner of the city authorities in the development of the blockchain infrastructure. 

Nigeria is seriously targeting the digital asset segment. The country became the first in Africa to issue its own cryptocurrency. She also actively supports startups in this area. 

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