Quidax, the African cryptocurrency exchange, marked a milestone achievement this week as the company celebrated its fifth anniversary.
As announced on its blog and social media pages, Quidax is celebrating its fifth anniversary by offering free Naira deposits and withdrawals to all customers between August 1st and 8th.
The exchange, which has grown to become one of the largest on the continent, is hitting this mark as interest in the crypto market is starting to pick up again, following impressive gains in the prices of Bitcoin and several major altcoins.
Quidax was founded in 2018 by Buchi Okoro, who serves as the company’s Chief Executive Officer to date. Together with Uzo Awili and Morris Ebieroma – Quidax’s technology lead and Chief Information Officer, respectively – Okoro was able to build the company into one of the most trusted names in the African crypto market.
Today, the exchange processes millions of dollars in trading volumes, catering to hundreds of thousands of customers – either via its traditional exchange, or its over-the-counter (OTC) exchange for businesses and high-net-worth individuals who meet its capital requirements.
Braving the Bear Market
Like many companies in its space, Quidax was also forced to innovate as 2022 came along. The year marked one of the harshest bearish periods in the crypto market’s history, with most coins seeing double-digit drops in value.
This, combined with the collapse of several major names in the market, meant that companies still in the space needed to adapt to weather the storm.
Pivot Into Quidax Dollar Savings
Besides its traditional exchange, Quidax has also diversified its offering for customers. The company offers a reliable way for anyone to trade crypto, as well as make and receive payments internationally.
However, in September 2022, Quidax made one of its biggest moves when it launched a Dollar Savings product.
At the time, Quidax explained that the Dollar Savings tool would provide a suitable alternative for customers who had been wary of the downturn in the crypto market.
With 2022 being an especially bearish market, customers who preferred to wait out the storm and hedge their funds could do so with the platform.
They could easily save in Dollars, protecting their money from inflation and earning up to 10% in annual returns.
This year, Quidax also announced a new feature that allows customers to send their USD to their Domiciliary accounts.
The USD Withdrawal feature allows anyone to convert their local currency into US Dollars, and directly send the USD to any Domiciliary account without having to go through a bank.
Now, the company caters to different customer bases, offering a reliable and safe hub of financial services.
Crypto Market Activity Ramps Up
Quidax’s anniversary is coming at a time when interest in the crypto market is starting to rise. Following a bear market in 2022, cryptocurrencies have seen a resurgence in 2023.
Bitcoin (BTC), the market’s leading asset, has seen its price rise by 43% year-to-date, while Ethereum (ETH), the #2 cryptocurrency in the world, is also up by 25% in the same period.
The resurgence of crypto prices hasn’t gone unnoticed by Nigerians either.
The Chainalysis Global Crypto Adoption Index pegged Nigeria in the 11th position globally for crypto adoption in 2022, but the country is expected to break into the top 10 this year.
As more Nigerians look to access cryptocurrencies – whether for trading, investment, or transactions – Quidax has proved to be a reliable platform for them.
And, as the company marks its fifth anniversary, its commitment to continuing its excellent services remains firm.
