Tuesday, 14 July 2015

You Can Now Exchange Bitcoins For Nigerian Naira

BitX a Singapore-based bitcoin exchange has added Nigeria to its service coverage. This is the second country in Africa where BitX now provides bitcoin operations.

The Company announced extension of its exchange services to Nigeria, making Nigeria the fourth country to the existing services in South Africa, Singapore, and Indonesia. Nigerian users are now able to buy bitcoin with the local currency Naira, use BitX smartphone apps, and develop bitcoin start-ups with BitX APIs.

According to a blog post on the company's website, the services in Nigeria will have the same Know Your Customer and Anti-Money Laundering policies as in other countries where BitX already operates. The BitX mobile app supporting the Know Your Customer identity verification scheme was launched in November 2014.

The blogpost also stated that “Nigeria has a vibrant, diverse and growing online population and in a market scattered with inefficient and expensive online payment methods, we’re excited about Bitcoin’s potential for faster and cheaper settlements,”

Last week, BitX announced the launch of a bitcoin top up service for all mobile operators in South Africa where the company has been one of the largest exchange platforms since 2013. In 2014, BitX partnered with PayFast, one of the major payment gateways in South Africa, to help online merchants accept digital currency payments. In April, BitX participated in the first African bitcoin conference that allegedly brought together “merchants, investors, venture capitalists, start-ups and bitcoin enthusiasts who are all looking to move bitcoin forward in Africa”

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