The Global Outlook of the Industry
2021 was a big year for crypto for the global industry in General. The global cryptocurrency market size The cryptocurrency market size is expected to grow from USD 1.6 billion in 2021 to USD 2.2 billion by 2026
As countries worldwide adopt Cryptocurrency, there is no better time for Africa to key into this ever-expanding industry of endless opportunities. Despite the formidable opposition in Africa and the Nigerian Government, Nigeria ranked the 6th Country in Global crypto adoption this year with an index score of 0.26.
Roqqu: Stirring Frontiers in 2021
We are proud to be a vehicle for a million Nigerians to adopt Cryptocurrency. Many Nigerians, especially young people, turned to Cryptocurrency to earn passive income while leveraging the profits to shield themselves against the inflation rate in the nation. Amongst other crypto platforms, we are proud to be a frontier for these youths to achieve their dreams.
This report will share our plans, processes, and activities in 2021. We will take you through the challenges and achievements of 2021 and how we as an organization scaled through the ups and downs of what would go down as the most challenging year in history in Cryptocurrency
Quarter 1: January – March
The year began officially on January 11th, when all staff returned to the office. All staff began in high spirit as we set out making plans and setting goals for the year. Part of the goals we set out at the beginning of the year included;
- Exponential Customer Growth
- Setting a Well Structured Organization Hierarchy
- Product Expanding to Other Features
- Gaining More Brand Exposure with the Public
- Implementing the Work From Home Policy
It is safe to say that despite the seemingly insurmountable challenges, both inwardly and externally caused through institutional policies, and we reached a large percentage of the goals we set for ourselves. On February 5th, 2021, the Central Bank of Nigeria set out a memo restricting financial institutions from associating with crypto companies. This policy put several other crypto companies in Nigeria out of business; it turned out to be a stepping stone for our growth. We used this disadvantage to create an efficient peer-to-peer merchant system.
Our Alpha Team created a solid peer-to-peer merchant procedure for all deposits and withdrawals from January till March. Team members took new roles; team leads put everything in the line to ensure that every pending withdrawal and deposit was cleared before the second quarter.
Our staff proved that we have a resilient spirit in the face of difficulty. The E- Factor that we talked about helped us scale through as a team, and This was our most significant achievement in Quarter 1.
2021 Quarter 1 Achievements
Product Updates: Added New Coins: Dash & DOGE
Prize Alert Feature Added
User Updates: 250,000+ Users
Company Updates: 10 Customer Support Staff, Introduction of Peer to Peer Merchant System
Quarter 2: April – June
At the second quarter’s start, the additional staff became acclimatized to the Elatech Culture. With their arrival, the response time improved significantly. Our customers also noticed the stability in our processes.
As our user base grew, Online fraudsters saw this as an opportunity to scam isolated users who may not be cyber cautious. There was a spike in the rate of online scams. These fraudulent activities usually involve posing as Roqqu Customer Support, Collecting Fees to resolve customer issues, sending phishing links to customers, & requesting pin & passwords before a problem is resolved. We launched several fraud campaigns on social media to combat the cyber cankerworm.
In April, The Central Bank Of Nigeria suspended BVN as a source of validation for third-party apps. As this was our primary channel of verifying new customers, it meant that we had to pivot to a new means of verification. We adopted the NIN to ensure that all user’s accounts were valid. While there was a bit of confusion & challenge moving to this new protocol, our users migrated seamlessly.
Product Updates: 25+ coins at the end of the quarter
Payment link Feature Coin Swap
User Updates: 350,000+ Users
Company Updates: Partnered with security agencies to tackle online scams
Quarter 3: July – September
July to September ushered in the celebratory months of 2021. We celebrated our second year in business. We also celebrated numerous staff who had birthdays, weddings, and anniversaries in these months.
Our love for people is at the center of everything we do in Roqqu. We included our users in all our celebrations, beginning with our #SecondAnniversaryGiveAway. It was a remarkable event and our most giant giveaway yet as we reimburse 1 million Naira to our users. Being part of the crypto ecosystem in West Africa, we were invited to commemorate the #Binance 4th Anniversary Celebration in Nigeria.
We launched a 48-hour lock system to combat fraud that automatically logged users out if they logged in from another device. This was implemented to curb the rate of scammers proliferating crime on people’s accounts from other devices. We saw a drastic decline in scam rate by 70% as we advised users to keep a vigilant watch over their personal information.
Product Updates: 33+ coins at the end of the quarter, 48Hrs Lock
User Updates: 500,000+ Users
Company Updates: Kick-off office remodelling, Fireside chat, P2P Withdrawals, the second anniversary
A GRAPH OF OUR CUSTOMER GROWTH & APP USAGE FOR THE YEAR 2021
Quarter 4: October – December
We set 1 million registered users on the Roqqu App at the start of the year. It is safe to say that we hit this goal way sooner than expected. In October, we reached an all-time high of 1,000,000 users in Roqqu. We had seen growth, but this was beyond our wildest dream; when we started with the Roqqu Idea in 2017, we had no idea that 1 out of 20 Nigerians would use our app in 3 years. Despite the challenges throughout the year, we managed to scale through and do that in brilliant colors.
We are now the first indigenous cryptocurrency platform to hit a million users, and we could not have done without our loyal users and resilient team. We rebranded our office space to celebrate this milestone to portray our new I million user status.
On the First of December, we welcomed our brand ambassador, Kim Oprah & Aproko Doctor. As stated in our year’s goal, we wanted to expand our reach and improve our brand image in the public’s eyes. In the coming year, we will work to create engaging content that would educate and impact the financial literacy of Roqquians with the influence of our Brand Ambassadors.
A Tour around our space during the unveiling Here
Product Updates:59+ coins at the end of this quarter
User Updates: 1,100,000+ Users
Company Updates: 10 new Customer Support Staff, Unveiled Celebrity Ambassadors, Organizational structure improved, 2 Factor Verification Installed, 2nd Largest Holder of Wakanda in Africa.
Here, is what our CEO has to say about 2021 and our plans for this year 2022;