Through a recent partnership, South African Bitcoin exchange IceCubed announced that Nigerians using the payment processing service, VoguePay, will be able to make transactions using the cryptocurrency come mid-January.
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Nigeria boasts Africa’s largest economy as well as being the most populous country. With over 173 million citizens, over 40 million are connected to the internet. While this might be the case, Bitcoin has seen more traction in Kenya and South Africa with startups leveraging it to fit relevant needs.
Using their existing VoguePay wallets, Nigerians will soon be able to buy and sell Bitcoin instantly via the IceCubed Exchange.
For the exchange, this might prove to be a fruitful untapped market competing with the likes of BitX which is active internationally as well as a select few African countries including Namibia, South Africa and Kenya.
Founder of IceCubed Gareth Grobler explains that Bitcoin’s significance is mirrored in a world where more people are becoming global:
As the biggest economy in Africa, with over 40 million people connected to the internet in one way or another, it’s only natural that Nigeria is looking to take part in the opportunities that the internet affords everyone around the world.
Through this unique opportunity VoguePay are pioneering cross border processing capabilities using Bitcoin in Africa and not just Nigeria Bitcoin businesses.
In a statement, VoguePay Compliance and Marketing director, Geoffrey Weli Wosu notes the importance of keeping up with innovations in the payment space:
Building relationships with reputable companies such as IceCubed in South Africa, who are also focused on making e-payment accessible to as many people as possible; we will continue to set the pace of the Nigerian online payment industry.