Tanjalo, a blockchain startup in Nigeria has launched an online marketplace where residents can buy and sell bitcoin.
The Lagos based company officially began operations on October 12 in a bid to address borderless payments and access to cryptocurrencies in West Africa.
Tanjalo’s CTO and Co-founder Tim Akinbo also runs the only node in West Africa.
Tanjalo gives fellow citizens the opportunity to exchange their national currency – Naira for bitcoin. Thanks to digital currencies, local residents have access to a global payment network, even if they do not have an account with the bank.
Tim Akinbo, technical director and co-founder of Tanjalo, said that their company’s goal is to provide citizens with opportunities to participate in market activities, which is especially important for regions with the highest level of financial isolation.
Recently Nigerian Central Bank Director in a cryptocurrency focused conference pointed out that Cryptocurrency Wave Cannot Be Stopped and said it’s taking a closer look at blockchains and cryptocurrency.
Nigeria, alongside Ghana, Kenya, and South Africa are currently lead the continent in bitcoin trade volumes according to statistics from localbitcoins.
According to Coindance, weekly trading volumes averaged at approximately 1,900,000,000 Naira, roughly $ 5.2 million.
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