Nigerian state-back innovation hub KAD-ICT Hub and UK blockchain company Coinfirm have launched the Africa Blockchain Lab in Kaduna, aiming to bring together blockchain companies building solutions for Africa.
Under development for the past few months, the Africa Blockchain Lab officially opened its doors this week, providing a home to companies and entrepreneurs building blockchain-based products and services relevant to African economies.
“The Nigerian economy is the largest in Africa. Thanks to a new regime, we have a stable economy, which pulls along the entire continent. We are the place Africa looks to in terms of growth for the future. The transformative potential of blockchain is enormous, and we are confident that, working with Coinfirm, we can provide the testbed and support for today’s leading African blockchain companies, giving them the opportunity to become global leaders,” says Yusuf Bashir, co-founder and chief executive officer (CEO) of the Africa Blockchain Hub.
While the Hub will focus first and foremost on solutions involved in improving financial inclusion; one of the first initiatives offered by the Lab is Coinfirm’s AMLT Network, a system allowing people to report fraud and cybercrime related to cryptocurrency addresses and earn AMLT tokens in reward.
“A Silicon Valley out-of-the-box solution approach has generally not worked in regions such as Africa; it requires a ground-up, organic approach. Coinfirm has already successfully built leading blockchain solutions, the largest structured blockchain database and coverage, and the first blockchain lab for Central Europe. Now, working with KAD ICT Hub, who share our vision of bringing transformative, blockchain-based solutions to African markets, and who have the local knowledge and expertise, we are going to do the same in Africa,” says Grant Blaisdell, co-founder and chief marketing officer (CMO) at Coinfirm.
“We want to work with, and provide opportunities for, African entrepreneurs working in one of the most exciting and disruptive fields today.”