TerraBit, a South African cryptocurrency payments startup, has launched in Port Harcourt, Nigeria to enable direct deposits and withdrawals using Naira.
It will also launch in Lagos, the commercial nerve center of Nigeria.
Update : Port Harcourt Retail Banking Branch Development Update. Oh baby we are on track to open in less than 2 weeks. The excitement is palpable 🙂 https://t.co/YbJhYlVgGk $CREDIT pic.twitter.com/5hZxtb9KlE
— Terrabit (@Terracredit) June 12, 2020
Terrabit is a blockchain-based project that helps onboard new users into the cryptocurrency industry and presents investment opportunities. New users can buy and sell cryptocurrencies with their local currencies.
To facilitate payments, the crypto startup has partnered with PayStack to allow direct deposits on TerraBit via Nigerian Naira, Ghanaian Cedi, and South African Rand.
The cypto startup won’t have a smooth ride in Nigeria as there are other cryptocurrency startups it would have to compete with. Some of them include FliqPay, Quidax, Bundle, and Paychant among others.