Nigerian cryptocurrency exchange Roqqu has received regulatory approval to operate in South Africa, which will allow users to buy cryptocurrency and withdraw in the country’s national currency, the South African rand, local media reports.
South Africa has been a priority for Roqqu as the exchange looks to expand its dominance in the African market. In a previous interview with Cointelegraph, the company placed South Africa at the center of its growth plans, which include reaching 5 million customers by 2023.
Roqqu has its sights set on Ghana, Uganda, Kenya and Tanzania for regional expansion in the near future.
South Africa is one of the biggest crypto and blockchain adopting countries in Africa; and today, @roqqupay just received regulatory approval to operate in South Africa #roqqucomingtoSA pic.twitter.com/D6rdiIkAFZ
— Roqqu (@roqqupay) April 20, 2023
Roqqu claimed to have more than 1.4 million active customers since January, when it also received a virtual currency license for the European Economic Area, which gave it the green light to operate in more than 30 countries. It took two years for the exchange to receive permission from the region’s regulatory authorities.
The exchange’s strategy focuses on facilitating cross-border transactions through cryptocurrencies, mainly to African countries. SAccording to Roqqu CEO Benjamin Onomor, “Africans living and working in the diaspora send more than $5 billion a year to their country, they do it with a lot of stress and have to wait days in some cases before the funds arrive. to their relatives in Africa. And he continued: “This is a problem, since many families depend on these remittances to cover critical needs such as food and accommodation.”
Chainalysis data shows that The Middle East and North Africa is the fastest growing region in the world for cryptocurrency adoption, with transactions of more than USD 566 billion in cryptocurrencies between July 2021 and June 2022, 48% more than the previous year.
Cointelegraph recently reported that African cryptocurrency-focused startups raised $474 million in funding last year, a 429% jump from $90 million in 2021. The growth of capital flows exceeded the global average, which only saw a 4% increase in blockchain funding in 2022.
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