Finna Protocol Spearheads EUROe Integration in African Web3 Landscape

Nigeria has asserted its dominance in the global adoption of cryptocurrencies, securing the second spot in the Chainalysis global adoption index and ranking as the country with the highest Bitcoin search interest. In a recent report by Consensys, it was revealed that virtually all Nigerians are now familiar with cryptocurrencies. The period between July 2022 and June 2023 witnessed an impressive milestone, with Nigerians conducting digital asset transactions exceeding N56.5 trillion.

Once again, Nigeria has demonstrated its stature as a digital asset powerhouse, showcasing robust transactions and widespread adoption. The nation’s prowess extends beyond the African continent, solidifying its position as a key player in the global crypto landscape.

The surge in cryptocurrency adoption highlights the undeniable success of stablecoins, often hailed as the “killer app” in the crypto sphere. Their market capitalization and on-chain transaction dominance have set them apart. However, a significant portion of these transactions occurs at the on-ramp and off-ramp markets, serving as entry and exit points between fiat and cryptocurrencies. These transactions have yet to permeate daily transactions, presenting an opportunity that the Finna Protocol seeks to address.

The mission of the Finna Protocol is grounded in making stablecoins an integral part of everyday settlements. Recognizing that people already choose stablecoins as a store of value, the protocol aims to establish the infrastructure necessary for day-to-day transactions in these blockchain-backed assets. The Finna Protocol is diligently constructing a multi-utility ecosystem for stablecoins, focusing on payments, collateralization, and remittances.

The significance of the Finna Protocol’s infrastructure becomes evident in its potential to act as a critical tool for introducing and integrating various stablecoins and digital assets into the African Web3 market. A recent closed-door meeting held on November 17th involved Lars Seier Christensen, Chairman and Founder of Concordium, a permissionless science-backed layer 1 blockchain. The meeting, attended by prominent over-the-counter (OTC) and peer-to-peer (P2P) traders in Nigeria, revolved around the integration of EUROe, a new Euro-backed stablecoin issued on the Concordium blockchain, into the African market.

Co-hosted by Adebayo Juwon, the co-founder of Finna Protocol, the discussion delved into the opportunities and challenges of integrating this new stablecoin. This positions Finna Protocol as a key player in the objective of facilitating the integration of Concordium-backed stablecoins and other digital assets into the African market. The extensive network of top-tier Nigerian traders is expected to contribute significantly to the successful introduction of these assets.

Remarkably, these developments unfold following Finna Protocol’s announcement of the soft launch of its flagship product, Stablecoin-backed fiat loans. The product has already garnered substantial interest from the target market, setting the stage for Finna Protocol to make a substantial impact in the realm of stablecoins.

The future trajectory of stablecoins hinges on their ability to transcend their current adoption limits and find utility in everyday life beyond being a store of value. The success of this endeavor is intricately tied to the establishment of robust infrastructures that position stablecoins as the natural choice for settlements — a goal that serves as Finna Protocol’s guiding principle and ultimate objective.