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Nigeria Becomes Eighth African Nation to Welcome Bitcoin ATMs

Nigeria Becomes Eighth African Nation to Welcome Bitcoin ATMs

Africa’s largest nation has welcomed its first Bitcoin ATM.

Blockstale BTM, the corporate that put in the ATM within the Dazey Lounge and Bar in Lagos state, plans to launch greater than 30 extra terminals throughout Nigeria.

“Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa,” Blockstale’s chief government and founder, Daniel Adekunle, advised native media on April 1. 

Adekunle developed his Bitcoin ATMs in partnership with a tech agency based mostly in Shenzhen, China.

Nigeria welcomes Africa’s 15th Bitcoin ATM

Despite being residence to the biggest commerce quantity in Africa, Nigeria is the eighth nation within the continent to host a Bitcoin ATM — with Blockstale’s comprising the 15th in Africa.

According to CoinATMRadar, South Africa is residence to seven crypto ATMs, Ghana hosts two, and Botswana, Djibouti, Kenya, Uganda and Zimbabwe every have a single terminal.

With Nigeria comprising Africa’s largest financial system and inhabitants, the nation’s first Bitcoin ATM could also be a signpost for broader adoption throughout the continent. Coinstale’s terminal is barely the second Bitcoin ATM in West Africa.

Nigerian NativeBitcoins quantity drops after KYC overhaul

Recent weeks have seen roughly 220 Bitcoins, or $1.38 million value, of peer-to-peer (P2P) commerce between BTC and Nigerian Naira on NativeBitcoins.

However, Nigerian NativeBitcoins has dropped by roughly 50% for the reason that P2P platform strengthened its KYC necessities throughout September 2019.

Nigerian ‘Bitcoin’ searches high Google Trends

Nigeria additionally constantly tops Google searches for ‘Bitcoin’ — driving practically twice the visitors because the second-ranked nation, Austria, in accordance to Google Trends.

Three of the highest 5 ranked nations for ‘Bitcoin’ searches are African — with South Africa and Ghana rating third and fifth respectively.

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