The launch of first-ever Nigeria Bitcoin ATM signals the country’s entry onto the world crypto stage. Now, the total BTC ATMs in Africa stand at fifteen. Nigeria is the largest country in the African subcontinent and also a leading local virtual currency player.
Nigeria Bitcoin ATM has been fitted in the country’s capital Lagos by Blockstale BTM. The chosen place of installation is Dazey Lounge and Bar. The firm will install 30 more such ATMs throughout the nation. Blockstale’s Daniel Adekunle says that the Nigerians lead the continent in crypto trading volume. It is worth mentioning that Nigeria does not have clear regulations or laws with regard to cryptocurrencies.
Nigeria Bitcoin ATM represents the growing African crypto industry
Nigeria has the highest cryptocurrency trading volume compared to other African nations. And since eight more African nations have installed BTC ATMs already, a Nigeria Bitcoin ATM was only a matter of time. As per data from CoinATMRadar, crypto ATMs are installed in South Africa, Ghana, Botswana, Kenya, Djibouti, Zimbabwe, and Uganda.
Interestingly, Nigeria is Africa’s biggest and most populous economy. Naturally, a Nigeria Bitcoin ATM will be a successful endeavor considering the rising mainstream acceptance of cryptocurrencies. In West Africa, Nigeria is the only country now to sport a BTC ATM, which speaks volumes about the nation’s growth potential as a regional crypto hub.
The rising number of crypto users in the African nation point towards an increase in the virtual currency used for everyday applications. Additionally, Google Trends shows that ‘Bitcoin’ search queries are the highest in Nigeria – way above than the second closest competitor Austria. This consistent trend reflects the interest of the masses in virtual currencies. As the current COVID-19 turmoil subsides, there will be many new crypto developments growth markets the world over.