Nigeria becomes the 8th African country to welcome Bitcoin ATMs




Nigeria becomes the 8th African country to welcome Bitcoin ATMs


The largest country in Africa has just welcomed the first Bitcoin ATM.


Blockstale BTM - an ATM installation company in Dazey Lounge and Bar in Lagos State, is planning to launch more than 30 terminals across Nigeria.


“Despite all the legal ambiguities for cryptocurrencies in Nigeria, this is still the country with the highest number of cryptocurrency traders in Africa,” said Daniel Adekunle, CEO of the house. Founder of Blockstale, stated with local media on April 1.


Adekunle has developed Bitcoin ATMs through a partnership with a technology company based in Shenzhen, China.



Nigeria welcomes Africa's 15th Bitcoin ATM


Despite having the largest transaction volume in Africa, Nigeria is the 8th slowest country in the continent to own Bitcoin ATMs, and the first ATM in Nigeria is the 15th that Blockstale installed in Africa.


According to CoinATMRadar, South Africa is home to 7 cryptocurrency ATMs, of which Ghanna has two, and Botswana, Djibouti, Kenya, Uganda and Zimbabwe each have one.


With Nigeria being one of Africa's largest economies and populations, the nation's first Bitcoin ATM could be an indication of wider adoption across the continent. Blockstale's terminal is only the second Bitcoin ATM in West Africa.


Nigeria's trading volume on LocalBitcoins decreased after KYC maintenance


Recent weeks have seen around 220 Bitcoin - equivalent to about $ 1.38 million, traded in peer-to-peer (P2P) terms between BTC and the Nigerian Naira on LocalBitcoins.


However, Nigeria's trading volume on cryptocurrency exchange LocalBitcoins has dropped by around 50% since the platform strengthened KYC requirements in September 2019.


Nigeria is the top search country for the keyword "Bitcoin" on Google


Nigeria has consistently led the list of countries that search for "Bitcoin" on Google - while the second country in traffic is Austria, according to Google Trends.


Three of the top five countries in Bitcoin search ranked every year in Africa - with South Africa and Ghana in third and fifth, respectively.


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According to CoinTelegraph
Translated by ToiYeuBitcoin