Popular Afro-pop musician and founder of one of Africa’s largest record label Davido Music Worldwide (DMW), Davido, has revealed intention to float his crypto exchange firm.
Davido, whose real name is David Adeleke from a billionaire family in Nigeria, has established himself as a continental and global musician with collaborations alongside popular acts like Chris Brown, Meek Mills, Wale, Quavo, among others.
The pop star also ranks among the top three musicians in Africa, a massive endorsement for cryptocurrencies in the region.
The music star shared his intention to float his crypto exchange via his verified Twitter page. Although Davido is still thinking about launching his exchange firm, his plans come when crypto prices are surging.
Previously, Davido already affiliated himself with the crypto community back in 2020 when he partnered with Bitsika, a Ghanian crypto start-up.
Nigeria, appropriate market for Davido’s crypto exchange
Davido, being a Nigerian, his exchange although would target a global market, however, the firm would have its foothold in Nigeria a fertile soil for any cryptocurrency firm.
Nigeria marks as the largest Bitcoin market in Africa and a significant market for any crypto firm. The West African country in 2020 traded over $35 million crypto on local exchange platforms according to UsefulTulips report, a website that explores the use case of cryptocurrencies globally.
Similarly, Paxful, a leading P2P platform, has over one million registered accounts from Nigeria, making 25 percent of its customer base. Paxful says that Nigeria traded 60,215 Bitcoin, which is over $566 million in the last five years.
Local African media, Quartz report that Nigeria is only second to the US in the volume of Bitcoin traded owing to its high youthful population and tech endorsing ecosystem.
Beyond Nigeria, crypto is becoming a thing in the entire African continent. Akon, another pop star, is working on a huge crypto project, Akoin. Akon aims to build a smart city in Senegal that would run on Akoin cryptocurrency.
Beyond Africa, entertainers embrace crypto globally
Before now, Entertainers globally have started embracing cryptocurrencies for different purposes. Some launch fan tokens to improve interactions with their fans. Others embrace crypto as an investment.
Soulja Boy, a US rapper, recently minted a Non-Fungible Token (NFT) called Soulja Boy “Crank That,” available in an edition of 20 via Raible.
Soulja Boy recently also invested in cryptocurrencies revealing he purchased some Dogecoin alongside other cryptos. He also inquired about embattled XRP, although fans warned him to steer clear.
Game of Thrones actress Maisey Williams (Arya Stark) also inquired about investing in cryptocurrencies last year. She ended up investing in Bitcoin.
Similarly, in 2013, Snoop Dogg, before Bitcoin hit stardom, planned to make his record available to buy in bitcoin. He sold the albums at 0.3 BTC back then, although the total number of albums sold is unknown. He also was seen at an XRP Community Night crypto party.
This development suggests that cryptocurrencies could gain a significant foothold in the multibillion-dollar music industry.
It is safe to say that it is only a matter of time before major music platforms like iTunes, Spotify, and audiomack begin accepting crypto payment.
Source: When entertainment meets crypto in Africa