Nigerian cryptocurrency exchange Roqqu has been granted a cryptocurrency license in the European Economic Area after waiting two years for regulatory approval. The move will allow the company to operate in 30 countries and expand its services in one of the world’s largest crypto markets.
Speaking to Cointelegraph, the company said it is trying to attract early traders looking to gain an edge in the crypto space by offering a better experience and competitive fees to new entrants.
With this expansion, Roqqu plans to reach over 5 million users in 2023 from 1.4 million users in Nigeria, the only country where the exchange operated until the license was granted. doing. African countries that the exchange plans to serve in the coming months include South Africa, Ghana, Uganda, Kenya and Tanzania.
Africans living abroad send over $5 billion to relatives back home each year, he told Cointelegraph Rock CEO Benjamin Onomore. In some cases, it may take several days for the transfer to reach its destination.
“Using crypto as a vehicle to solve this problem makes a lot of sense. Crypto can help bridge the gap and reduce fees in moving money around the world, faster. and the cheapest route.This is the crux of the problem we want to solve.”
Over the years, cryptocurrency adoption has grown in Africa. According to Chainalysis data, the Middle East and North Africa (MENA) region is fastest growing in the world, users transferred $566 billion in crypto between July 2021 and June 2022. This is a 48% increase over the previous year.
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“It has gone from being perceived as another form of fraud and Ponzi scheme to becoming one of the most popular asset classes in Africa.”
Challenges facing the cryptocurrency community in the region include “lack of good internet access or access to any form of internet, low financial literacy and lack of technical know-how”. ‘ said Onomore. Lack of software management tools and unclear regulatory guidelines are major obstacles for cryptocurrency startups. Onomah also said:
“One of the best things about the cryptocurrency industry is that it is a world full of endless opportunities. Faced with every challenge, cryptocurrency startups find ways to innovate on it.”
Nigeria is the most populous country in Africa and one of the most prominent crypto hubs in the region.As reported by Cointelegraph, Nigeria’s first Bitcoin Lightning Network (LN) Nodes Recently Launched, strengthens continental connectivity to Bitcoin’s Layer 2 payment network. Its central bank is also considering adopting blockchain technology to power its Central Bank Digital Currency (CBDC).