Nigeria’s predominantly young tech-savvy population is also the reason cryptos have found widespread acceptance in the country.
Cryptocurrency has become very popular among millennials since it became mainstream. Unlike a few years ago when the acceptability of the digital currency was still doubtful, it has now gained sufficient acclaim to qualify for use in making or receiving payments and also as an investment vehicle to hedge against inflation.
Cryptocurrencies are completely decentralized, meaning that they are not governed by any central bank or monetary authority. This has spurred their wide acceptance in many countries including Nigeria.
Nigeria’s predominantly young tech-savvy population is also the reason cryptos have found widespread acceptance in the country. According to Statista, 32% of Nigerians are users of cryptocurrencies, the highest in the world. Estimates show that of the top 10 countries for trading volumes, Nigeria ranked third after the US and Russia in 2020, generating more than US$400 million worth of transactions.
This wide adoption comes on the back of heavy regulations from the nation’s apex bank. However, a number of platforms are aiding the seamless adoption of cryptocurrency and this article highlights five of the most prominent ones in no particular order.
Patricia harnesses the power of cryptocurrency to create alternative solutions to financial infrastructure, digital payments and global E-commerce. The platform allows you to securely buy or sell Giftcards and Bitcoin of any value, store them in a BTC or Local Currency Wallet and smoothly switch between the two for everyday transactions like airtime, data and cable subscriptions. Patricia has over 100,000+ downloads on playstore.
BuyCoins is a service that enables users to trade cryptocurrency instantly with no wait time. Users can buy/sell cryptocurrency directly via the app without the hassle of looking for traders to buy from or sell to. BuyCoins’ goal is to provide a platform that serves users’ needs – whether it is buying, selling, storing, or transferring Bitcoin, Ethereum, Litecoin, and USD Coin – as conveniently and quickly as possible.
Quidax is an African-focused cryptocurrency exchange that makes it easy for you to buy, sell and store Bitcoin, Ethereum, Ripple’s XRP Litecoin & other cryptocurrencies. At Quidax, one of the long-term goals is to power the next generation of remittances.
The team is a firm believer in leveraging the internet to make the world unshakable when it comes to financing and Blockchain technology. Quidax has 100,000+ downloads on Playstore.
Founded in 2013, Luno has been in cryptocurrency for almost as long as Bitcoin with over 21+ billion dollars in processed transactions.
Whether you’re new to Bitcoin or an advanced cryptocurrency trader, Lunos crypto wallet and trading exchange provides a safe and secure platform to buy Bitcoin and other digital currencies like Ripple, Ethereum, Litecoin and more. With over 7M customers in 40+ countries, Luno has a global team of over 350 dedicated professionals that are always on hand to simplify your crypto journey. The app has over 5M+ downloads on Playstore.
Save and earn up to 7.6% APY Interest on your Crypto.
Bundle Africa is a social payments app for cash and cryptocurrency. Founded in 2020 by Yele Bademosi, a former Director at Binance Labs, the app was specially built to serve the need of the typical native African user who prefers “financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches.
The bundle makes it easy and fun to make payments with cash as well as for cryptocurrencies like Bitcoin, Ether, BUSD, and BNB. The bundle has over 100,000+ downloads on Playstore
Cryptocurrency exchange platforms facilitate the trading of cryptocurrencies meaning that users are able to send and receive payments from anyone on the network or around the world without requiring approval from any external authority.
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