Nigeria is the largest country in the African subcontinent; and a leading cryptocurrency player. Despite being home to the largest trade volume in Africa, Nigeria is only the eighth country in the continent to host a Bitcoin ATM, comprising the 15th in Africa.
A Bitcoin ATM has been fitted in the Nigeria’s capital Lagos by Blockstale BTM. The selected place of installation is Dazey Lounge and Bar. Blockstale BTM plans to launch more than 30 more terminals across Nigeria.
“Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. Blockstale BTM was developed specially to facilitate adoption, transparency, and security in Nigeria.”
– Daniel Adekunle, CEO of Blockstale
With Nigeria comprising Africa’s largest economy and population, the country’s first Bitcoin ATM may be a signpost for broader adoption across the continent.
Nigeria is Africa’s biggest and most populous economy. As such, a Nigeria Bitcoin ATM will be a successful endeavor considering the rising mainstream acceptance of cryptocurrencies. In West Africa, Nigeria is the only country now with a BTC ATM available, adding on to the nation’s growing potential as a regional crypto hub.
The rising number of crypto users in the African nation indicates an increase in the digital currency used for everyday applications. Google Trends reflects ‘Bitcoin’ search queries being the highest in Nigeria – way above the second place’s Austria. This consistent trend reflects the interest of the masses in digital currencies.