Nigeria has become the eight country in Africa to welcome the deployment of Bitcoin ATM machines. This commenced with the installation of the Blockstale BTM which was installed at the Dazey Lounge and Bar in Lagos with plan to deploy about 30 more terminals across the country. Speaking on this development, Blocksale’s CEO Daniel Adekunle said that “despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa.” Adekunle who developed his Bitcoin ATMs in partnership with a tech firm based in Shenzhen, China noted that it will be generally welcomed across Nigeria. The Bitcoin ATM in Lagos is Africa’s 15th Bitcoin ATM.
Analysts say that Nigeria was late in deploying Bitcoin ATM because it is home to the largest trade volume in Africa but is the eighth country in the continent to host a Bitcoin ATM — with Blockstale’s comprising the 15th in Africa. According to CoinATMRadar, South Africa is home to seven crypto ATMs, Ghana hosts two, and Botswana, Djibouti, Kenya, Uganda and Zimbabwe each have a single terminal.
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With Nigeria comprising Africa’s largest economy and population, the country’s first Bitcoin ATM may be a signpost for broader adoption across the continent. Coinstale’s terminal is only the second Bitcoin ATM in West Africa.
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In a separate development, recent weeks have seen roughly 220 Bitcoins, or $1.38 million worth, of peer-to-peer (P2P) trade between BTC and Nigerian Naira on LocalBitcoins. However, Nigerian LocalBitcoins has dropped by roughly 50% since the P2P platform strengthened its KYC requirements during September 2019. Nigeria also consistently 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 nations for ‘Bitcoin’ searches are African — with South Africa and Ghana ranking third and fifth respectively.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry