Nigeria gets its first Bitcoin ATM in Lagos as Blockstale starts intends to introduce more than 30 Bitcoin ATMs the nation over.
Bitcoin ATMs have expanded in ubiquity around the globe because of the requirement for additional choices to purchase and sell bitcoin.
As of not long ago, Nigeria, one of the greatest digital currency showcases in Africa, has not had any Bitcoin ATMs introduced. The first Bitcoin ATM in Lagos was introduced by Blockstale, another Bitcoin ATM startup in Nigeria.
The Bitcoin ATM in Lagos is situated at Dazey Lounge and Bar, Ajah, Lagos State, and permits clients to purchase bitcoin with the Nigerian Naira.
Bringing Bitcoin to Nigeria: Blockstale’s Story:
Author and CEO of Blockstale, Daniel Adekunle brought the first Bitcoin ATM to Nigeria subsequent to discovering there was almost no digital money equipment on the mainland.
Addressing BlockNewsAfrica, Adekunle stated:
Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. Blockstale BTM was developed specially to facilitate adoption, transparency, and security in Nigeria.Daniel Adekunle – CEO of Blockstale
He then went ahead to work closely with Chinese partners to develop and launch a bitcoin ATM in Lagos, Nigeria, in early 2020.
Also, Daniel Adekunle mentioned that the startup intends to install about 30 devices by the end of the year.
The Situation – Bitcoin ATMs in Africa
Africa currently has a total of 15 Bitcoin ATMs. Before the new Bitcoin ATM in Lagos, there were 14 bitcoin ATMs spread across seven countries.
7 bitcoin ATMs in South Africa, 2 in Ghana and 1 in Kenya, Botswana, Zimbabwe, Djibouti, and Uganda.
At this point, there is very little data on how Bitcoin ATMs compare to other methods of trading bitcoin in Africa. However, these developments show signs of a growing ecosystem.