Key Takeaways
- Naijacrypto has added new fiat currency gateways
- They also announced the pairing of the new additions to Bitcoin, BUSD, and other cryptocurrencies.
- These new gateways represent an expansion to new markets giving users from these markets access to all services on the platform.
Naijacrypto, on Wednesday, the 23rd day of March 2022, announced the addition of 6 new Fiat currencies on its platform. They did this via an email from their CEO Chiagozie Iwu to their users. According to Chiagozie; the currencies added are:
- Ghanaian Cedi (GHS).
- South African Rand (ZAR).
- Ugandan Shilling (UGX).
- Cameroonian Francs (XAF).
- Burundian Francs (BIF).
- British Pounds (GBP).
Chiagozie also added that their US Dollar (USD) and Kenyan Shilling (KES) gateways had been re-opened while all Fiat additions have paired against cryptocurrencies.
This announcement presents a world of possibilities in the African Crypto space. Naijacrypto has stamped its presence in six new markets and improved its presence in existing markets. Users in these countries have clamoured for this for a while. On the Naijacrypto Telegram group, a regular feature has been individuals asking admins when they would be able to deposit with their local currency; their question has finally been answered.
The Ghanaian and Kenyan markets seem particularly interesting as these countries have the third and second-largest cryptocurrency trading volumes in Africa, according to Chainalysis. The addition of the British Pound shows the Naijacrypto intention to go beyond the African Borders. Britain has one of the largest African Diaspora communities; imagine the underlying remittance possibilities here.
It has been a busy start to 2022 for Naijacrypto, as this comes a few weeks after adding Multi chain functionality to its exchange. Their CEO also indicated that more additions are coming in the following weeks. Chiagozie Iwu said, “In addition, the deposit options added for the newly integrated Fiat currencies are the first step; we are currently working on a solution that makes Fiat currency deposits and withdrawals the cheapest it has ever been. We should launch this product by May 2022. So many new products and features should also be expected as we aim to drive traditional finance to the blockchain.”
This statement by Chiagozie comes at a much-needed time as cryptocurrency traders in Africa have longed for safe, easy, and cheap methods to convert fiat to cryptocurrency and vice versa. Easy fiat interactions facilitate spot trading derivative trading and enable the utility of other blockchain-backed financial services offered by Naijacrypto and other exchanges. It also creates an easy purchase of tokens like Ethereum, which crypto enthusiasts use to pay gas fees when buying NFTs and other new trends within the crypto space.
As we gradually transit to a web3 dominated world, Niajacrypto makes sure Africa is not left behind.
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