Quidax, the Nigerian cryptocurrency exchange, has reported more than $3.2 billion in transactions, underscoring the rapid adoption of digital assets in Africa’s largest economy.
It has been reported that Quidax, since launching in August 2018, has amassed over 400,000 customers across 72 countries.
However, the figures were published alongside an announcement that the exchange plans to further expand its crypto trading operations beyond Africa.
Nigeria has emerged as one of the biggest markets for crypto adoption. Now, one of its exchanges is seeking global expansion. https://t.co/8FOwyJWwyO — Cointelegraph (@Cointelegraph) May 10, 2021
Quidax announced the launch of QDX, its native token, on Binance Smart Chain.
The company said:
The BEP-20 token “will power all the functions within the Quidax ecosystem from trading fees on the exchange, to staking, governance, and all financial products.”
Buchi Okoro, the CEO of Quidax, said:
“This means that anyone in the world can trade over 100 cryptocurrencies in the Binance Smart Chain ecosystem on Quidax.”
Likewise, cryptocurrency adoption has taken off in Africa thanks to the growing utility of Bitcoin (BTC) and other digital assets. Nigerians are embracing cryptocurrencies to combat double-digit inflation and to skirt capital controls in the country.
Between 2015 and 2020, Nigerians traded 60,500 BTC on Paxful, a peer-to-peer trading platform.
Thus, digital asset regulation remains a legal grey area in the country after the Central Bank of Nigeria banned financial services companies from servicing crypto exchanges. Deputy Governor Edward Lamekek Adamu later clarified that the regulator didn’t ban citizens from trading or holding digital assets.