This is very exciting news for the Nigeria as many has been expecting this even though presentation of cryptocurrencies as legal entity in the market is still pretty limited. However, Blockstale BTM, a new Bitcoin startup in Nigeria, has decided against all odds to install Bitcoin Automated Teller Machine in the country.
The Bitcoin ATM, which the first in Nigeria, and also the fifteenth in the entire continent was installed at a Lounge in Lagos.
Bitcoin Automated Teller Machines (Bitcoin ATMs) have increased in popularity around the globe because of the easier options they provide to consumers in buying or selling of bitcoin.
Blockstale BTM, the company that installed the ATM at Dazey Lounge and Bar in Lagos, is planning to expand more with over 30 ATMs terminals across Nigeria.
Daniel Adekunle, the founder and chief executive of the company said,
“Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa.”
The company is developing these ATMs in partnership with a Shenzhen, China-based technology firm.
At the moment, South Africa has about seven crypto ATMs, Ghana has two, while Kenya, Uganda, Zimbabwe, Djibouti and Botswana each have a single terminal. With a Bitcoin ATM in Nigeria, the crypto community can expect more developments and widespread adoption in the future.
Recent weeks have seen about 220 Bitcoins or $1.38 million worth of peer-to-peer (P2P) trade between bitcoin and Nigeria’s currency on LocalBitcoins.
However, the number of Nigerians on LocalBitcoins has dropped by about 50% since the peer to peer platform strengthened it’s know your customer requirements around September 2019.
Nigeria also presently tops Google searches for ‘Bitcoin’, driving nearly twice the traffic as the second-ranked country, Austria, according to Google Trends.