Nigerian Crypto Exchange Roqqu Expands to South Africa
Nigerian crypto exchange Roqqu has received regulatory approval to operate in South Africa, allowing users to purchase cryptocurrencies and withdraw funds with the country’s fiat currency, the South African rand. This development is a significant milestone for Roqqu’s expansion plans, as South Africa is one of the biggest crypto and blockchain adopting countries in Africa.
Expansion Plans
Roqqu is focused on expanding its operations in Africa and has set its sights on Ghana, Uganda, Kenya, and Tanzania. In a previous interview with Cointelegraph, the company ranked South Africa as a focal point for its growth plans, which includes reaching 5 million clients in 2023. The exchange’s strategy centers on facilitating cross-border transactions through cryptocurrencies in African countries.
Roqqu’s Milestones
Roqqu claimed to have over 1.4 million active customers as of January and received a virtual currency license for the European Economic Area, effectively giving it the green light to operate in over 30 countries. The exchange’s expansion efforts are driven by its commitment to making remittances easier and faster for Africans in the diaspora. Roqqu CEO Benjamin Onomor explained that many Africans living and working abroad send over $5 billion yearly back home, which they have to do with a lot of stress and long waiting times. Roqqu aims to provide a solution to this issue and help many families meet their critical needs such as food and shelter.
The Growth of Crypto Adoption in Africa
According to Chainalysis, the Middle East and North Africa is the fastest-growing region in the world for crypto adoption, transacting over $566 billion in cryptocurrencies between July 2021 and June 2022, up 48% from the previous year. Furthermore, Africa’s crypto-focused startups raised $474 million in funds last year, a 429% increase from the $90 million figure in 2021. This growth in capital flows surpassed the global average, which only saw a 4% increase in blockchain funding in 2022.
Conclusion
Roqqu’s regulatory approval to operate in South Africa is a significant step towards the company’s goal of expanding its operations in Africa. The African continent is becoming a hub for crypto adoption, and Roqqu is well-positioned to provide solutions to the challenges faced by Africans in the diaspora. With its commitment to facilitating cross-border transactions through cryptocurrencies, Roqqu is poised to be a leading player in Africa’s crypto market.
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