Cape-based venture capitalist Llew Claasen, a managing partner at Newtown Partners, has been named as the new Executive Director of the Bitcoin Foundation. The move could boost the level of adoption of the cryptocurrency in Africa, say industry insiders.
Announced at the Blockchain Training Conference/DEVCORE in Canada, Claasen will take over from Bruce Fenton effective 1 July for the volunteering position.
Bitcoin has gained traction of late, despite its low level of awareness in various parts of the world. Its market cap value has risen to approximately US$13.2 billion, with its current price at 1 BTC = $710 (following a drop from $750).
However, some industry insiders still attribute sluggish adoption by the market to the poor marketing of its potentials. This is particularly accurate in the case of Africa where three exchanges - BitX, ICE3X and Bitpesa - dominate the market.
In Africa's main Bitcoin markets - South Africa, Kenya and Nigeria, mostly young people deal in the currency. Some of them eke a living from revenue generated from trading it online, earnings from remittances, making online payment and getting paid for cross-border jobs.
The Bitcoin Foundation is a 501(c)(6) non-profit membership-driven organisation and the largest industry group focused on Bitcoin globally. The organisation lobbies on behalf of the cryptocurrency, urging decision makers to seek technical rather than regulatory solutions for Bitcoin-related matters.
Claasen has expertise as a technology startup go-to-market strategist with deep experience in designing, building, merchandising and marketing online & mobile software products and services.
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