Accepting losses with profits
The regulation in Nigeria a few months back that limited financial institutions from servicing crypto exchanges have so far done only little to reduce the growth of cryptocurrency adoption in the country.
Nigerian owned cryptocurrency exchange, Quidax recently stated that it has recorded over $3.2 billion in transactions since its launch in August 2018.
Quidax stated that they currently have over 400,000 customers in 72 different countries and now has the desire to expand their reach beyond Africa.
Buchi Okoro, the CEO, further stated that the exchange platform is set to launch its token, QDX, on the Binance Smart Chain. Quidax is also set to be the home to BEP-20 tokens, and with this development, over 100 cryptocurrencies from the Binance Smart Chain ecosystem would be available on Quidax.
It's incredible to note that ever since the ban by the Federal Government, the adoption of cryptocurrencies has grossly increased in the country. Bitcoin and other altcoins gained more popularity and just recently my father of 70 years asked us how he could get some of these cryptocurrencies we often speak of.
I often wonder what the future holds for cryptocurrency trading in Nigeria. Although the restrictions put in place by the Government opened new means of fraudulent activities through peer-to-peer, there still seems to be wide adoption by individuals.
Nothing seems to stop the average Nigerian from searching for better rewards through digital assets.
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