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Nigerian crypto exchange 'Quidax' Processes Over $3.2 Billion in Transactions

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Shivangi Mujumdar

CBW -External Analyst

INDIA

May, 12 2021

May, 12 2021

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Cryptocurrency exchange, Quidax on 10th May’2021 have formally shared plans to increase beyond Africa to the worldwide market. They also publicized the launch of their intrinsic token, QDX, and disclosed plans to become the global home of BEP20 tokens.

 

Quidax launched in August 2018, has over 400,000 customers across 72 countries. The figures were published together with a declaration that the exchange plans to further expand its crypto trading operations beyond Africa. Quidax has processed over $3.2 billion in transaction.

 

Brief about BEP20 Tokens launch-

 

Buchi Okoro has stated that "We are set to become the worldwide home of BEP20 tokens. This means that any person in the world can trade over 100 cryptocurrencies in the Binance Smart Chain ecosystem on Quidax."

 

He also said that they will be launching seven products over the next 6 months with a merger of CeFi and DeFi that will add more worth and wealth to their customers.

 

Growth of this Crypto-

 

Further, it’s thinking about the expansion plans with the launch of QDX. Further, it published with its native token on Binance Smart Chain. The BEP-20 token “will power all the roles within the Quidax ecosystem from trading dues on the exchange, for governance, and all financial products,” the company stated.

 

Cryptocurrency implementation has taken off in Africa to the growing utility of Bitcoin (BTC) and other digital assets. Nigerians are implementing cryptocurrencies to struggle with double-digit inflation and for capital controls in the country. In the middle of 2015 and 2020, Nigerians traded 60,500 BTC on Paxful, a peer-to-peer trading policy.

 

However, digital asset regulation leftovers a legal grey area in the country after the Central Bank of Nigeria banned financial services companies. It is prohibited for servicing crypto exchanges. Deputy Governor Edward Lamekek Adamu far ahead explained that the regulator didn’t ban citizens from trading or holding digital assets.

 

Other Crypto exchanges' worth and growth are quite good with that of Quidax. They are generating the revenues on a quarter to quarterly basis. As they are older crypto platforms that have been introduced previously and doing well on their part. Binance is one of them who have generated revenue speedily. Another one is Ether who has shown the growth rate in upscale too.


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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