Given the widespread governmental opposition to the trading of digital currencies, crypto has surfaced as one of the leading fintech trends in Africa, which is excellent news for Africa-based crypto exchanges.
Those in Africa–and Africans living abroad–can now obtain a piece of the cryptocurrency cake advent of the technology.
This is facilitated by the numerous crypto trading platforms that have been vetted and certified by financial bureaus, and you must register on an exchange platform to be a part of the crypto trading community.
Exchanges that enable the trade of cryptocurrencies for other assets, such as digital and fiat currencies, are known as cryptocurrency exchanges.
Cryptocurrency exchanges, in essence, function as a middleman between buyers and sellers, earning money via commissions and transaction fees.
There are numerous exchanges in Africa, and although some provide unique services, others provide identical services through their platforms. In this piece, we would look at Naijacrypto and Busha.
Naijacrypto is a crypto exchange established in Nigeria that accepts Naira as a payment method. The exchange supports a variety of cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance USD, and others.
These can be exchanged into Naira. To guarantee that the bulk of the money is maintained in cold storage, the platform employs a multi-stage wallet mechanism.
It also has a scalable bespoke trading engine that processes orders in real-time.
Busha is another Nigerian company that uses the Naira as its fiat currency. The exchange is a crypto platform that offers a crypto exchange as well as other crypto investment-related services.
Users can trade currencies like Bitcoin, Litecoin, and Ethereum on its exchange. The exchange has a savings function that lets users save up to 10% of their assets’ yearly percent recovery.
Interest is monitored on a regular basis and paid monthly. Users can also take loans against their crypto assets or invest in Busha’s tailored crypto index products.
Naijacrypto and Busha, like any other crypto exchange, enable investors to trade cryptocurrencies for other assets such as traditional cash.
They function similarly to stock exchanges in that they provide a forum for buyers and sellers to connect. They also accept payments in local currencies which is Naira via Person to Person transactions (P2P).
Since it became public, cryptocurrency has grown extremely common among young people. Unlike some years back, when the digital currency’s acceptance was still in question, it has now achieved enough traction to be used for sending and receiving payments, as well as as an inflation-hedging investment vehicle.
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