Nigeria gets its first Bitcoin ATM in Lagos as Blockstale begins plans to install over 30 Bitcoin ATMs across the country.
Bitcoin ATMs have increased in popularity around the world due to the need for more options to buy and sell bitcoin.
Until now, Nigeria, one of the biggest cryptocurrency markets in Africa, has not had any Bitcoin ATMs installed. The first Bitcoin ATM in Lagos was installed by Blockstale, a new Bitcoin ATM startup in Nigeria.
The Bitcoin ATM in Lagos is located at Dazey Lounge and Bar, Ajah, Lagos State, and allows users to buy bitcoin with the Nigerian Naira.
Bringing Bitcoin to Nigeria: Blockstale’s Story:
Founder and CEO of Blockstale, Daniel Adekunle brought the first Bitcoin ATM to Nigeria after finding out there was little or no cryptocurrency hardware on the continent.
Speaking to BlockNewsAfrica, Adekunle said:
Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. Blockstale BTM was developed specially to facilitate adoption, transparency, and security in Nigeria.Daniel Adekunle – CEO of Blockstale
He then went ahead to work closely with Chinese partners to develop and launch a bitcoin ATM in Lagos, Nigeria, in early 2020.
Also, Daniel Adekunle mentioned that the startup intends to install about 30 devices by the end of the year.
The Situation – Bitcoin ATMs in Africa
Africa currently has a total of 15 Bitcoin ATMs. Before the new Bitcoin ATM in Lagos, there were 14 bitcoin ATMs spread across seven countries.
7 bitcoin ATMs in South Africa, 2 in Ghana and 1 in Kenya, Botswana, Zimbabwe, Djibouti, and Uganda.
At this point, there is very little data on how Bitcoin ATMs compare to other methods of trading bitcoin in Africa. However, these developments show signs of a growing ecosystem.
If you have ever used any Bitcoin ATMs in any part of Africa, tell us about your experience in the comments section below.