Quidax, an European based assets exchange platform, has launched its operations in Nigeria.
In a statement made available to Nairametrics, the company confirmed that the launched trading platform in the Nigeria has a simple, secure and seamless interface that allows users trade 6 cryptocurrencies and will expand to over 20 in the next three months.
Quidax hopes to position the company as the largest exchange operating in Africa. The cryptocurrencies to be traded include Ripple, Litecoin, Bitcoin, Ethereum, Bitcoin Gold, and Bitcoin cash.
The company’s CEO for Africa, Buchi Okoro, said the launching is in line with the company’s mission.
Okoro added, “having taken into consideration the problems besetting the current global financial landscape, the mission of Quidax is to challenge the status quo, to push humanity forward and thus, the exchange is a step towards our goal of breaking down financial barriers and increasing opportunities to wealth creation”.
Cryptocurrency exchanges play a key role in the cryptocurrency market, as they are the primary means of exchange in a market valued at over $450 billion. There are two types of cryptocurrency exchanges, which are centralised exchanges and decentralised exchanges.
A centralised exchange is one where deposits, withdrawals, and the order book, are controlled by one party, which is the exchange. Simply put, the exchange holds depositors’ funds and a record of buy and sell transactions. Examples of centralised exchange include Luno and Binance.
In a decentralised exchange, there are no middle parties. Transactions are directly between users. Examples of decentralised exchanges include EtherDelta and Idex.
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