Deposits and withdrawals in Nigerian Naira have been reinstated by Yellow Card
Deposits and withdrawals in Nigerian Naira have been reinstated by Yellow Card
The year 2021 will be remembered as a watershed year for cryptocurrencies around the world. And, while some chose to play it safe, Yellow Card Financial, Africa's leading cryptocurrency exchange, achieved significant milestones, including the establishment of the YC Academy, expansion into new African markets, and the raising of a $15 million Series A funding round. Yellow Card is pleased to announce the relaunch of its operations in Nigeria to begin the new calendar year.
This relaunch is significant because Nigeria was the first African country to implement Yellow Card in 2018, making it a landmark achievement. It has since grown to include 14 countries, making significant strides toward making cryptocurrencies such as Bitcoin, Ethereum, and USDT Stablecoin more accessible to people all over the world, particularly in Africa.
According to Oparinde Babatunde, Director of Operations at Yellow Card, this is a watershed moment in the company's history.
"Nigeria has always been our most important market, and our ability to reclaim market share has been a personal triumph for me in recent years. Existing and prospective customers can look forward to a variety of changes, including a new look and a completely different user experience. As part of our commitment to ease of use as well as trust, and security, we have implemented Smile Identity, which requires tier 1 traders to submit only one set of documents, which are then scanned and matched against an international database "He went on to explain.
As the cryptocurrency industry came under regulatory scrutiny over concerns about user privacy, Yellow Card withdrew from Nigeria for the first time in February 2022, marking the beginning of the company's withdrawal from the country.
"It appears that the tide has shifted, and the Central Bank of Nigeria is now showing an increasing interest in developing its own digital currency. On or about October last year, the government announced the introduction of the eNaira, which is an electronic representation of the nation's currency that is pegged to the physical naira. We hope that the Central Bank of Nigeria (CBN) will reconsider its stance on cryptocurrency in the months ahead "Oparinde has been added.
Approximately 90,000 users were estimated to be using Yellow Card in Nigeria at the time of its withdrawal; the majority of these users were technologically savvy youth and individuals interested in exploring innovative investment and retirement options, respectively. The team is now aiming for 500k users in the country by the end of the first quarter of 2022, which would be a significant achievement.
Adoption of cryptocurrencies
The adoption of cryptocurrencies is increasing across the continent. According to the Global Crypto Adoption Index, South Africa, Tanzania, Kenya, and Nigeria were among the top 20 countries with the fastest growth in cryptocurrency adoption in the first half of this year.
It is believed that the increased interest is due to the fact that "a large number of Africans are using cryptocurrency to hedge against inflation, as the majority of African currencies continue to depreciate against the US dollar," according to Oparinde. Moreover, people prefer cryptocurrency to the traditional fiat monetary system because it is a faster and more affordable method of making cross-border payments."
In light of the increasing interest in cryptocurrencies, Yellow Card's primary mission has remained to educate Africans about the market, which they have accomplished successfully through a variety of initiatives such as webinars and online platforms, among other things. This includes platforms such as the Yellow Card Academy, which provides a wealth of information on cryptocurrency, blockchain technology, and financial literacy, among other topics.
Just because you were in the market before Yellow Card did not mean you were immune to the risks that could arise, such as government policies that restrict cryptocurrency entities and individuals. Despite this, the rate at which Africans are embracing cryptocurrency is uncontrollably high and unstoppable.
People benefit from cryptocurrency because it gives them a sense of freedom "Oparinde explains further. Humans have a strong desire for liberty and are drawn to anything that promotes this desire naturally.
Without a doubt, the year 2022 will be a watershed moment in the history of cryptocurrencies, as more and more people seek to participate in this new and exciting market. Why not use Yellow Card to invest, trade, buy, or sell cryptocurrency at the best possible rates while you're putting together your New Year's resolution list?
