The crypto market in Nigeria has undoubtedly shown great reliance with the influx of investors who embrace the trend within the shortest period under review.
However, following the CBN recent directive on cryptocurrency in Nigeria, KoinWa a cryptocurrency platform is not blind to the challenges and difficulty this decision trapped the Nigerian bitcoin traders in.
Recently the platform launched a mobile application to aid traders in carrying out transactions conveniently.
The crypto platform has also integrated a peer-2-peer platform that aids, crypto traders, to transact in bitcoin without falling victim of scammers who pose as real exchangers.
Following this launch, KoinWa users can now trade bitcoin from any part of the world.
In a chat with Hakeem Disu, the CEO of KoinWa, he explained how the crypto platform is driving an open financial system that can serve as a great equalizer and also raise many out of poverty while increasing the pace of innovation across the world.
KoinWa has a significant goal in developing an open financial structure in Nigeria and across Africa as such structure can be a great equalizer with an aim to lift millions of Africans out of poverty which over time bedeviled the continent’s economic prosperity.
Aimed at making every payment affordable, fast, and without border restrictions as well as ensuring every internet user has access to the same financial services anywhere in the world.
According to the CEO, the new feature is borderless since traders around the world can sign up conveniently as bitcoin vendors, hence trading in bitcoin for local currency via bank transfers, Mobile money, direct account deposit and also cash in person payment etc.
“KoinWa added peer-2-peer trading to help traders access cash wherever they travel, which could be on a business trip, vacation. The platform is built with users in mind, wherein they can be their own bank with maximum security in place.”, he added
Background
Disu started his journey into the world of cryptocurrency sometime around 2014, he observed that many people have an abundance of Bitcoin at hand but had no idea of where and how to go about its transactions.
He noted that during the process of transaction, they fall into the hands of fraudsters and getting ripped off their Bitcoin. Noticing how complicated the market was and how confused many individuals were, they decided to provide a solution.
He stated further that KoinWa primarily came in to serve a solution and as a result of the interest, they decided to have their own platform so as to also keep track of all records for future reference.
The state of cryptocurrency in Nigeria and across Africa
Disu says ‘since the ban, cryptocurrency’s uprising in Nigeria has skyrocketed premium, it is like an 80% above market price as it went premium.
He added that ‘Blockchain is something that is so powerful and decentralized’. According to him, there’s something about crypto in Africa, which I tell my friends as well as my colleagues at KoinWa is that Bitcoin currency is for Africa.
In addition, his belief is that this digital currency unites countries across the world, for instance, the US dollar is a legal tender in America, while Nigeria has Naira.
This means, if the currency is made legal then countries across the world will have one thing in common which is Bitcoin.
However, he implored the government leaders to consider the adoption of Bitcoin not just because Nigeria has one of the largest utilization and operation volumes but he is convinced that this currency is for the Nigerians.
Disu feels that Nigeria should have been the first to adopt Bitcoin as a legal tender even before El-Salvador did.
Government, Investment and the crypto ban
In recent times, everyone is careful of how they spend their money and the kind of investments they venture into.
Therefore, the directive makes people scared of investing in a product that is not supported by the government.
Hakeem adds that absolutely foreign investment in crypto startups has been greatly affected by the directive because many of them don’t want to startup a dispute with the government of Nigeria.
Disu is, however, convinced that the government will show up for its people as regards the digital currencies and there are some signs already underway.
Signs like proposing a new digital currency called the Central Banks of Digital currencies (CBDCs), which possibilities indicate that the government is seeing great potentials with cryptocurrencies.
However, he trusts that the currency proposal is extraordinary in the pursuit to look into our financial system, as it will revolutionize the financial system in Nigeria and across Africa.
‘’Any country that is not adopting cryptocurrency in this 21st century will be left behind. So I think my country’s doing something big. I think that’s a good move’’
KoinWa’s Milestone
The platform has attained significant growth since its launch which has encouraged the operation as well as increased users or traders.
There has been a significant increase in the volume of users, public awareness, and commendable feedback on the services provided.
According to the CEO, KoinWa has established trust between the customers and the platform, ensured user-friendliness, and offers adequate security.
In closing, Disu hinted at a groundbreaking launch that is coming soon sometime in August.
He says, that this launch will affect the crypto ecosystem positively and general society in Nigeria and across Africa.
This launch is expected to be a pioneer in the crypto space and currently undergoing testing as KoinWa aims to give their users the best
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates.
