Business 10 August 2018Dennis Wafula
Crypto in Africa: Nigeria launches blockchain hub as it welcomes new crypto exchange
The cryptocurrency sector in Nigeria has been busy growing in the last couple of weeks with new game changers joining in the fray. More Nigerians are trading in cryptocurrencies both locally and internationally.
New blockchain hub launched in Nigeria
KAD ICT Hub, a Nigerian state-backed innovation hub, has collaborated with UK blockchain company Coinfirm to launch the Africa Blockchain Lab in Kaduna, Nigeria. The companies launched this program to help bring together blockchain companies building solutions in Africa. According to reports, the blockchain lab will provide a platform to nurture and facilitate the growth of blockchain-related companies.
The African Blockchain Lab opened officially this week and has already signed up a few startups like Kora, which is a blockchain-based infrastructure, marketplace and digital payment system.
The lab will focus on providing solutions involved in improving financial inclusion. Among the first orders of business is to create initiatives aimed at having a positive impact on the society. One of these initiatives is Coinfirm’s AMLT Network, a system that will allow people to report criminal activities in the cryptocurrency industry, including fraud and cybercrime. This system will reward each individual with AMLT tokens for reporting the criminal activities.
Coinfirm’s partnership with KAD ICT Hub is expected to bring great transformation not only in Nigeria but also across all African Countries. Currently, Nigeria has the biggest economy in Africa. The country has great potential to expand its financial statutes with the help of blockchain. While speaking to a reporter, Coinfirm’s co-founder and CMO, Grant Blaisdell, said Africa does not need a Silicon Valley out-of-the-box solution approach but a more “ground-up, organic approach.”
Nigeria gets a new crypto exchange
Cryptocurrency trade in Nigeria has been on the rise despite the price fluctuations currently underway in the market. More Nigerians are taking part in the crypto trade, which, in turn, creates the need for more cryptocurrency exchanges.
This is why Quidax, a European-based firm, has decided to launch a cryptocurrency exchange platform in the country. According to a statement released by the company, the new platform will help Nigerians to have simple, secure and seamless cryptocurrency transactions. The exchange will allow people to trade with more than twenty digital currencies on one platform for the next three months.
Quidax’s exchange supports Bitcoin Cash, along with LTC, BTC, XRP, ETH, and BTG. The platform offers a variety of assets to trade, making it a one-stop platform for most users.
Reports indicate that the new exchange will be the largest cryptocurrency exchange in Africa. CEO Buchi Okoro stated that by opening an exchange in Africa, Quidax seeks to create a better environment for the Human race. He believes this is the first step to a better future.
To facilitate their vision, the company plans to invest heavily in blockchain and cryptocurrency education. By getting a better understanding of blockchain technology, communities in Nigeria will be able to make informed decisions.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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