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  Nigeria is firmly in the middle of a cryptocurrency boom. A growing number of Nigerians are venturing into the crypto trade, believing that it’s a way to hedge against the inflationary tendencies eating away the naira’s value. For many, it also offers a chance to build wealth.
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Local startups have arisen to meet the needs of crypto enthusiasts. They’re providing millions of people with a space to trade and make payments in their favourite digital currencies. These startups aim for their apps to be just as convenient to use as their counterparts elsewhere in the world. And as they achieve this, they’re drawing more users to their platforms. Here are five of the best cryptocurrency startups in Nigeria today, listed in no particular order.

Quidax

Quidax lets its users buy, sell, and store a range of cryptocurrencies: Bitcoin, Ethereum, Ripple (XRP), Litecoins, Dash, and Tron. The company says it strives to make these activities simple, fast, and safe to execute. Founded by Buchi Okoro in 2017, Quidax has grown to become a leading facilitator of the crypto trade in Nigeria. It currently has more than 400,000 customers in 72 counties and has processed over $3.2 billion in payments so far. In 2021, Quidax announced that it had raised more than $3 million from the sale of its token QDX, a feat it completed in less than 48 hours. It revealed that this funding would enable it to scale into a truly global platform.

Buycoins

Traders on Buycoins can buy and sell a selection of cryptocurrencies, including some of the popular ones: Bitcoin, Litecoin, Ethereum, and USDC. It doesn’t charge transaction fees, and users can earn up to 12% interest per annum if they lock their coins for a specified period. Buycoins was founded in 2017 by Timi Ajiboye (its CEO), Ire Aderinokun (COO), and Tomiwa Lasebikan (CPO). It has about 50,000 customers. The startup has launched other products, including SendCash, which enables its users to the US through naira bank transfers. To date, Buycoins has raised $1.2 million from investors over three funding rounds, the last being a seed round, according to Crunchbase.
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Patricia

The team at Patricia says they’re building ‘the world’s easiest crypto exchange’. The startup styles itself as an alternative payments solution that lets people pay bills (for data, cable TV, and electricity), buy gift cards, and purchase international airtime with cryptocurrency. Users can also carry out large crypto block trades on the platform. Fejiro Hanu Agbodje founded Patricia in 2017 and began running it in Lagos. It’s since set up a presence in the United Arab Emirates (UAE), China, and Ghana. In 2021, it moved its headquarters to Estonia. At the last count, it served over 15,000 customers.

NairaEx

NairaEx is one of Nigeria’s oldest cryptocurrency startups. It began as a Bitcoin trading platform but has since enabled the exchange of other digital currencies. It’s been around for a long while and has garnered the trust of numerous users as a secure crypto exchange. Besides the opportunity to reap returns through trades, they can also earn commissions via NairaEx’s referral program. NairaEx was founded in 2015 by David Ajala and is headquartered in Abeokuta, Ogun State. It serves more than 130,000 users and has facilitated over 900,000 transactions. It continues to attract traders, due in part to its round-the-clock settlements and charge-free trading policy.

Bundle Africa

Bundle is a social payment app with which users can request, send, and receive cash and cryptocurrency for free. Cryptocurrencies supported by the platform include Bitcoin, BNB, Ethereum, Chainlink, and Tron. Customers can also easily withdraw cryptos from their Bundle wallet into another wallet. The company was established in 2019 by Yele Bademosi (he had previously worked with Binance). It has about 350,000 customers, spread over Nigeria and Ghana. Bundle plans to expand into the rest of Africa in the coming years. Bundle is backed by Binance, which invested $450,000 in it in a pre-seed round.

Final Words 

Nigeria’s cryptocurrency space is advancing, with the enthusiasm of Nigerian crypto traders as its tailwinds. The future looks bright for this niche, despite the setbacks it’s had in recent times. The startups we’ve profiled here are possible pointers to a Nigerian future powered by cryptocurrency and blockchain technology. Featured Image Source: The Economic Times
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This article was first published on 21st October 2021

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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