Cloudax, an innovative technology-driven ecosystem built for wholesome content creators and communities is launching a crypto peer-to-peer P2P) trading platform in Nigeria. The company is launching both a website and app for the platform at once.
According to reports, the aim is to onboard Africans into the crypto ecosystem and to meet the ever rising demand for cryptocurrencies in Nigeria. Nigeria is one of the countries with the highest P2P crypto trading volume in the world.
The demand for cryptocurrencies has been on the increase in the largest African economy despite a ban on cryptocurrencies by its central bank. Indeed, the ban seemed to have increased interest in crypto assets as the trading volume for the country went up 15% at the time following the announcement of the ban.
Speaking on the growing interest in crypto assets in Nigeria, the chief executive officer (CEO of Cloudax, Olumuyiwa A, said the demand is driven by the challenges africans face in accessing international payment with ease.
“I think the quick adoption of cryptocurrency in Africa is largely driven by the difficulties the African youth faces in conducting borderless financial operations whilst living and working in the global village that the world has become,” Olumuyiwa said.
“Digital currencies have become the easiest means to conduct financial transactions and it’s encouraging to see that several African governments appear to be developing or on their way to developing regulations which promote the use of cryptocurrencies in their regions,” he added.
Bridging the crypto gap in Nigeria
Crypto P2P trading is particularly popular on the African continent, mainly because other payment methods are not available to most African countries. In Nigeria for instance, government policies have made it impossible to make international payment with Naira debit cards.
Muyiwa said that the new platform, CloudP2P will bridge the gap between crypto enthusiasts and mainstream users in Nigeria.
“We are excited to introduce our P2P platform, which will bridge the gap between crypto enthusiasts and mainstream users in Nigeria. Our mission is to empower individuals with a seamless and affordable solution for crypto transactions,” the CEO said.
With asset security being the greatest concern of most users, CloudP2P gives the best customer experience with its extremely secure and user-friendly marketplace for swift and seamless buying, selling, and swapping of crypto,” he concluded.
Bringing many amazing features
CloudP2P is an innovative platform coming with many features tailored to provide the best services to crypto traders. First, users will enjoy a secure and reliable environment to buy and sell crypto. The platform also provides reduced transaction cost that makes it affordable for all, and also has new features under development.
The crypto market in Nigeria is steadily growing, and launching this platform is a great step towards ensuring that the market thrives. Also noteworthy is the fact that the country has passed a cryptocurrency bill into law that considers cryptocurrencies as it seeks to be a part of the revolutionary digital economy.
With such legislation, Nigeria may be getting ready to position itself as a crypto-friendly economy, even though this is still in the pipe lines. Meanwhile, similar platforms are being launched in many other regions. One of the most noteworthy is the P2P platform that Bitfinex launched to cater to Latin American users.