Cryptocurrencies are yet to be recognised as a legal tender in Nigeria. However, the buying and selling of cryptos are on the rise in the country.
In the 2nd quarter of 2020, Nigeria had the largest share of Bitcoin transactions. According to Usefultulips, Nigerians transacted $34.4 million worth of Bitcoin, which is currently the most popular cryptocurrency in the world; South Africa had $15.2 million. Kenya followed with 7.8 million, $640k for Ghana, and Tanzania at $600k.
Hence, it is not surprising that there are a handful of cryptocurrency startups in the country serving as platforms for trading in bitcoin and other types of cryptocurrencies. Here are some of them.
Quidax is a digital assets exchange that allows users to seamlessly buy and sell cryptocurrency with their local currency. The crypto startup makes it safe and easy to buy and sell Bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies using your local currency. Quidax was co-founded in 2016 by Buchi Okoro and Uzo Awili.
BuyCoins is a service that enables users to trade cryptocurrency instantly with no wait time. Users can buy/sell cryptocurrency directly from BuyCoins via the app without the hassle of looking for traders to buy from or sell to. BuyCoins is a service provided by Bitkoin Africa. It was founded by Ire Aderinokun, Timi Ajiboye, and Tomiwa Lasebikan in 2017.
Bundle allows you to buy and sell Bitcoin, BNB, and Ethereum. You can also buy cryptocurrencies with card or bank transfer. At the same time, you can sell cryptocurrencies and withdraw them to your bank account. You can buy and sell as little as NGN 500 worth of Bitcoin or BNB. It is backed by Binance. Bundle was founded by Yele Bademosi, formerly a director at Binance Labs.
Bitmama is a crypto-fiat exchange that allows customers and traders to buy and sell Bitcoin, Ethereum, and other digital currencies in Africa. It allows its users to create their own wallets and start buying or selling digital currencies by connecting with their bank accounts, credit or debit cards, and mobile money accounts. It was founded in April of 2016 by Ruth Iselema.
Yellow Card is a platform for purchasing cryptocurrencies online using a bank transfer or ATM card to load accounts with naira and then pay for the digital coins they want. It currently supports bitcoin core and dash and will be adding bitcoin cash (BCH) and tether (USDT) in the near future. Chris Maurice is the founder and CEO of Yellowcard.
NairaEx is a cryptocurrency startup that allows users to buy and sell Bitcoin. It prides itself as a reliable platform for crypto exchange. David Ajala founded NairaEx in 2015.
Patricia is a dynamic e-commerce company making trading cryptocurrency-Bitcoin, Perfect money, ethereum, and discounted gift cards easy, reliable, and readily available.