There are a lot of crypto projects in Nigeria, despite the harsh crypto regulations in the past. Nigerians are among the early adopters of cryptocurrency, and the country ranks 6th in the crypto world ranking. In 2020, Nigeria recorded over $500 million in crypto transactions locally. Not only that, Nigerians are the third highest Bitcoin holders in the world.
Although crypto growth slowed down in Nigeria due to its government’s harsh crypto regulations in the past and other factors – this has kept most of the population crypto illiterate.
Nevertheless, Nigeria is one of the crypto-hub countries with a high volume of crypto transactions worldwide. The country is fertile for cryptocurrency and other crypto-related businesses due to its high population, economic strength, and the country’s warm response to technology (especially new government policies embracing crypto growth).
There are a lot of crypto projects sprouting from the country, and the most popular ones are the exchange platforms. However, each platform has a distinctive feature that sets it apart from others. Let’s take a look at some of them.
Crypto projects in Nigeria
Quidax is a B2B and B2C crypto startup in Nigeria. It offers crypto services to crypto investors and crypto projects in Nigeria and other African countries.
Quidax is a Nigerian crypto exchange platform that claims to process an average of $800 million transaction volume yearly, with a customer base of over four hundred thousand (400,000) users in 72 countries worldwide. It also provides liquidity for other crypto projects.
Nairaex is one of Nigeria’s biggest and most popular crypto exchange platforms. It simplifies the buying and selling of cryptocurrencies for Nigeria by allowing users to transact crypto in the country’s currency (Naira).
Nairaex is a crypto startup created in 2015, and the goal of the exchange is to make the cryptocurrency market available without any form of barrier or restriction for Nigerians.
Bitkoin Afrika is a crypto exchange platform based in Lagos-Nigeria. The significant aspect of the platform is that it conducts transactions through a peer-to-peer mode of trading. Whenever transactions are about to take place on the platform, the buyers and sellers will announce what type of crypto coin they want to trade, and the system will merge them.
Bitkoin Afrika is also known as the intermediary because they link buyers and sellers together. Users can conduct transactions in Naira (Nigeria’s official currency), which makes crypto transactions easier for the average Nigerian.
Buycoins is a Nigerian crypto startup on a mission to educate Nigerians on decentralized finance and general crypto usage. The startup aims to help crypto institutional and common investors recognize favorable market conditions to acquire crypto assets. Users can easily access the platform from anywhere, including physical locations.
There are different crypto startups in the country, and a lot are still underway. However, crypto investors and new crypto startups need to pay more attention to educating the country’s populace because most are still crypto illiterate. Educating the majority of the population will help speed up the crypto adoption rate in the country.