European cryptocurrency exchange WhiteBIT has expanded its operations to Nigeria.
The exchange aims to offer Nigerians access to the global crypto market. WhiteBIT CEO Volodymyr Nosov highlighted the company’s commitment to fostering mass adoption of blockchain technology and cultivating the growth of the global cryptocurrency community.
Nosov recognized Nigeria’s acknowledgment of the potential of cryptocurrency and the public demand for blockchain technology. WhiteBIT seeks to harness this demand and assume a pivotal role in nurturing the thriving blockchain ecosystem in Nigeria.
With an international user base exceeding 4 million, WhiteBIT has grown into one of Europe’s largest cryptocurrency exchanges. The platform offers a comprehensive suite of services, allowing users to engage in spot, margin and futures trading, with access to a wide range of trading pairs. Its top daily trading volume of $2.5 billion stands as a formidable platform catering to the needs of both seasoned cryptocurrency traders and passionate enthusiasts.
WhiteBIT’s unwavering dedication to security is widely recognized, positioning it among the top three most secure crypto exchanges. Furthermore, the platform has earned the esteemed AAA rating in an independent audit conducted by Hacken, solidifying its position as the second most secure exchange on a global scale.
WhiteBIT also implements robust protocols such as identity verification, two-factor authentication, and an anti-phishing code to reinforce security measures while expanding to Nigeria. By providing secure and user-friendly trading tools, the exchange aims to revolutionize the experience for Nigerian users, instilling confidence and paving the way for a thriving crypto ecosystem in the nation.
Blockchain and cryptocurrency in Nigeria
In alignment with its mission to foster the widespread adoption of blockchain technology, WhiteBIT’s strategic move to establish a representative office in Nigeria holds great significance.
Considering Nigeria’s burgeoning interest in blockchain and its potential to emerge as a prominent finance and blockchain technology hub, WhiteBIT’s entry into the Nigerian market represents a logical and progressive stride forward.
Nigeria continues to be at the forefront of digital asset adoption, with a remarkable pace of growth. Notably, a survey by Statista revealed that nearly half of the country’s population, primarily young individuals, is actively engaged in using cryptocurrencies. This translates to one in three persons in Nigeria actively embracing digital currencies.
Nigeria also stands out as an early adopter of digital assets, having pioneered the launch of its own Central Bank Digital Currency known as the eNaira. However, it is intriguing to note that the adoption of this native digital asset has been relatively sluggish within the country.
Surprisingly, Nigerian citizens display a strong inclination towards established cryptocurrencies such as Bitcoin, Ethereum and USDT, preferring these widely recognized options for their crypto transactions.
A paradigm shift in cryptocurrency adoption is gradually taking place within the country. Reflecting this changing landscape, an amendment to the Investments and Securities Act 2007 bill was proposed in December 2022. The amendment aims to establish formal recognition of Bitcoin and other cryptocurrencies for usage within the country.
Babangida Ibrahim, the House of Representatives Committee on Capital Markets Chairman, emphasized the significance of establishing an efficient and vibrant capital market in Nigeria. During the second reading, Ibrahim expressed the need to stay abreast of global practices, stating, “For us to do that, we have to be up to date [with] global practices.”
