Crypto, short for cryptocurrency, is a digital or virtual currency that uses cryptography for security and operates independently of a central bank.
In Nigeria, crypto has gained popularity in recent years as a means of investment, payment and remittance.
One of the most popular cryptocurrencies in Nigeria is Bitcoin, which is widely accepted by merchants and can be used to purchase goods and services.
Other cryptocurrencies such as Ethereum, Litecoin, and Ripple are also gaining traction in the Nigerian market.
Crypto exchanges, such as Binance, Luno, and Quidax, have also emerged in Nigeria, providing a platform for users to buy, sell and trade cryptocurrencies.
These exchanges have made it easier for Nigerians to access and invest in crypto, as they can easily convert their local currency (Naira) to cryptocurrencies.
Crypto has also become a popular means of remittance in Nigeria, as it offers a faster and cheaper alternative to traditional remittance methods.
Nigerians living abroad can easily send money back home using cryptocurrencies, which can be instantly converted to Naira and withdrawn from local exchanges.
However, the Nigerian government has expressed concerns about the use of crypto, citing its potential for money laundering, terrorism financing and other illegal activities.
In February 2021, the Central Bank of Nigeria (CBN) issued a directive prohibiting financial institutions from facilitating crypto transactions.
This move was met with criticism from the crypto community and has led to a legal battle between the CBN and crypto stakeholders.
Despite the regulatory challenges, crypto continues to thrive in Nigeria, with many Nigerians seeing it as a viable investment and payment option.
Top crypto companies in Nigeria
Nigeria has seen a surge in the adoption of cryptocurrencies in recent years, with many companies emerging to offer various services in the crypto space.
Here are 10 top crypto companies in Nigeria;
1. BuyCoins Africa
BuyCoins Africa is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
The platform also offers a wallet service for storing cryptocurrencies.
2. Quidax
Quidax is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Ripple.
The platform also offers a wallet service for storing cryptocurrencies.
3. Bundle Africa
Bundle Africa is a social payments app that allows users to buy, sell, and store cryptocurrencies like Bitcoin, Ethereum and Binance Coin.
The platform also offers a wallet service for storing cryptocurrencies.
4. Yellow Card
Yellow Card is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin. The platform also offers a wallet service for storing cryptocurrencies.
5. Patricia
Patricia is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
6. Bitfxt
Bitfxt is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
The platform also offers a wallet service for storing cryptocurrencies.
7. Busha
Busha is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
The platform also offers a wallet service for storing cryptocurrencies.
8. Naijacrypto
Naijacrypto is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
The platform also offers a wallet service for storing cryptocurrencies.
9. Roqqu
Roqqu is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
The platform also offers a wallet service for storing cryptocurrencies.
10. Luno
Luno is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies like Bitcoin, Ethereum and Litecoin.
The platform also offers a wallet service for storing cryptocurrencies.
