With The Launch Of A New Mobile App, NaijaCrypto Continues To Expand Crypto Access
With the launch of a new mobile app, NaijaCrypto continues to expand crypto access
Naijacrypto, one of Nigeria's most prominent cryptocurrency exchanges, has announced the release of a new mobile application for users of Apple and Android devices. The release, which coincides with a surge in demand for digital currencies across Africa, will allow users to access a variety of blockchain-based financial services with the utmost ease and with little effort. The new app has a straightforward design, a quicker onboarding process, and a more easily navigable homepage, making it easier for users to execute trades on the platform. The company believes that the app's ease-of-use will distinguish it in Africa's burgeoning cryptocurrency market. The app is essentially tailor-made for quick transactions on the go.
“The decision to develop a more advanced app was motivated by the growing number of technological requirements in the cryptocurrency industry. During the unveiling, CEO Chiagozie Iwu stated, "We wanted to create an app that would provide users with quicker access to the same services that are available on the website."
In accordance with data from Chainanalysis, a company that tracks cryptocurrency payments and provides blockchain-related data to financial institutions, Africa's crypto-trading activity is now among the top ten most valuable services on the continent in terms of total trade volume. A direct result of this has been an increase in on-chain cryptocurrency activity in Africa, from 67 percent in October to 78 percent in 2020, indicating an unprecedented surge in cryptocurrency adoption across the continent.
Africa Trade Activity according to Chainanalysis
It was precisely this rapid adoption trend that served as a primary motivation for the new app's release, as CEO Iwu confirms.
The time seemed right to us to build and launch a new app, as we are seeing an increase in the number of daily users on the platform, and we believe that improving the ease of use for our users is critical at this time.
Africa has maintained its position as a hotbed for cryptocurrency adoption despite the presence of less-than-welcoming regulatory frameworks in the country. During the month of February 2021, the Nigerian central bank issued a memo prohibiting financial institutions in the country from facilitating cryptocurrency transactions. According to Chainanalysis, the move, which many in the community feared would have a negative impact on one of the country's fastest-growing industries, has had little impact on the use and exchange of cryptocurrencies.
It follows an impressive string of major announcements made by the exchange this year, the latest of which is the app launch. This past June, it entered into a partnership with DASH, an innovative cryptocurrency that has become dominant in the payments sector, to establish operations in Haiti, marking the company's first foray outside of the African market. Significant platform upgrades followed in 2020, when the exchange became one of the few indigenous exchanges to offer both spot and futures trading platforms that were distinct from the competition.
The year 2021 has already proven to be a year of expansion for the exchange, with the announcement of its operations in Kenya earlier this month. That expansion, similar to the Haitian one, increased crypto accessibility in a major emerging market while also solidifying the exchange's position as a genuine global brand.
For major African exchanges like Naijacrypto, competing globally while also navigating local regulatory hurdles presents a unique challenge. However, with the app marking the company's third major innovative rollout this year, Naijacrypto appears poised to remain at the forefront of the game for the foreseeable future, according to the company.
