• Nigerian crypto exchange Roqqu was granted a virtual currency license for the European Economic Area.
• The move allows the firm to operate in 30 countries and broaden its services within one of the world’s largest crypto markets.
• Roqqu seeks to attract early traders and reach over 5 million users in 2023.
Nigerian crypto exchange Roqqu has recently been granted a virtual currency license for the European Economic Area, allowing it to expand its services into 30 countries and become a major player in one of the world’s largest crypto markets. The license was granted after two years of waiting and is expected to increase the firm’s user base significantly, from the current 1.4 million users in Nigeria to over 5 million by 2023.
The move will give Roqqu access to a larger pool of investors and traders, as well as provide a better experience for newcomers to the crypto space. The exchange seeks to attract early traders by offering competitive fees and a better experience for newcomers. Additionally, the license will allow Roqqu to expand its services to other African countries, including South Africa, Ghana, Uganda, Kenya and Tanzania.
Furthermore, Roqqu CEO Benjamin Onomor believes that the exchange can help to reduce the fees associated with international remittances. Africans living abroad send over $5 billion yearly to relatives back home, and with crypto as the vehicle, Onomor believes the process can become faster and cheaper.
The growth of cryptocurrency adoption in Africa has been on the rise in recent years. According to data from Chainalysis, the Middle East and North Africa region is the fastest growing in the world, with Nigeria leading the pack. With the expansion of services and the license granted, Roqqu is expected to become a major player in the African crypto space.