According to CoinATMRadar, South Africa is home to seven crypto ATMs, Ghana has two, while Kenya, Uganda, Zimbabwe, Djibouti and Botswana each have a single terminal.
In addition, Nigeria has Africa’s largest population and economy, so its first Bitcoin ATM may be a signal for broader adoption across the continent. Blockstale’s ATM terminal is the second Bitcoin ATM in West Africa.
Recent weeks have seen about 220 Bitcoins or $1.38 million worth of peer-to-peer (P2P) trade between bitcoin and Nigeria’s currency on LocalBitcoins.
However, the number of Nigerians on LocalBitcoins has dropped by about 50% since the peer to peer platform strengthened its know your customer requirements around September 2019.
Nigeria also presently tops Google searches for ‘Bitcoin’, driving nearly twice the traffic as the second-ranked country, Austria, according to Google Trends.
Three of the top five ranked countries for ‘Bitcoin’ searches are African countries with South Africa and Ghana being ranked third and fifth respectively.
Download Nairametrics App for breaking news and market intelligence.