With the current US administration showing vocal support for stablecoins and an interest in digitizing the US Dollar, the focus of the crypto narrative is returning to the fundamentals of crypto as a way to store and transfer value and, of course, make payments. According to a Consensys report, emerging markets are embracing cryptocurrency as a way to fill some of the need for financial services. The report relates that emerging markets such as Nigeria, India, and South Africa leading the way in blockchain adoption. Consensys report Consensys report The report states: “Over half the population in Nigeria (84%), South Africa (66%), Vietnam (60%), the Philippines (54%) and India (50%) report owning a crypto wallet in 2024. Wallet ownership in the Americas is highest in the US at 43%; while Turkey leads European countries surveyed at 44%.” It also stated that intention to invest in cryptocurrencies was very high in Africa at 87%. We spoke with Igor Kucherenko, Co-founder of HitBit Pro and Head of Pateplay Africa, regarding the need for easy payment systems in emerging markets. Igor Kucherenko Igor Kucherenko Kucherenko believes that crypto is crossing over into mainstream usage driven by real needs on the part of users - needs not necessarily being met by Web2. “Web2 is just traditional banking adapted for the online platform, but all the regulations and compliance remain. That means a huge chunk of the population that does not have a bank account or does not qualify for one. The biggest gap that Web3 is filling right now is in third-world countries where the currency situation is unstable. International wire transfers are extremely complicated and expensive. I work in Africa, and trust me, it’s a huge issue,” Kucherenko said.The World Economic Forum released areport in 2024 that showed there were 1.4 billion unbanked people globally, and many more under-banked. report in 2024 report in 2024 Kucherenko stressed the need for capital preservation – a different equation in economies where available fiat currencies are unstable. “Capital preservation is another major concern. People in these regions don’t have access to capital markets. The only options available are local markets and local savings, often in currencies that can depreciate 100% in a year.”Wiring payments by traditional means can also prove difficult – either because they don’t service areas in emerging markets or because the costs and regulations are prohibitive. “Traditional banking services like Western Union also have limitations – they're expensive and require KYC, which many people cannot fulfill. That’s why mobile money services like M-PESA in Kenya have taken off. In some areas of East Africa, less than 10% of people have a bank account, yet 95% have mobile money accounts. Web3 offers peer-to-peer (P2P) transactions, allowing people to swap assets more freely. For many, it’s a means of capital preservation and the only way to send and receive money internationally. It also provides financial access for freelancers in regions like Latin America, who often don’t have bank accounts. If you ask them for SEPA details, they won’t have them. Web3 allows them to receive payments, swap assets, and access financial services they previously couldn’t.” Kucherenko is an experienced marathon runner and compared the evolution of Web3 to a marathon. “I don’t believe in quick cycles. Business isn’t a sprint; it’s an evolution. The only people playing short cycles are traders who engage in quick buy-and-sell tactics.”

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Web3 is an Evolution in Emerging Markets, Says Igor Kucherenko

Web3 is an Evolution in Emerging Markets, Says Igor Kucherenko

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