Nigerian CryptoCurrency App ‘BuyCoins’ Hits Milestone; Processes Over N500 Million Worth of Cryptocurrency in 3 Months
BuyCoins, an instant cryptocurrency exchange app in Nigeria, has hit a major milestone after processing over N500 Million worth of cryptocurrency in the space of 3 months. This good news was shared by co-founder, Timi Ajiboye.
I sometimes cannot believe the fact that people have traded over half a billion Naira of cryptocurrency with an app we built. Just in the last couple months.
— Timi Ajiboye (@timigod) October 18, 2018
The app, which was launched in February by Crypto startup, Bitkoin Africa is designed to help users buy and sell cryptocurrency with ease and within minutes. Available on iOS and Android stores, the app allows users to sign up for free. It also supports multiple cryptocurrencies – Bitcoin, Ethereum and Litecoin.
The Story So Far
Bitkoin Africa, the startup behind the BuyCoins app, was established in 2017 during the sudden popularity in the cryptocurrency market. It was formally launched in October, 2017 after 4 months of testing. Being a peer-to-peer platform, users would have to wait or look for traders before they can buy or sell. For that reason, for more than a year after establishment of the original platform, it still hasn’t hit a 10th of the figures the app just hit.
With the initial website (https://t.co/rxPsqgB0Ee), it took more than a year to get to half of that.
— Timi Ajiboye (@timigod) October 18, 2018
*less than a 10th. (Not half) https://t.co/19ifGrpfWD
— Timi Ajiboye (@timigod) October 19, 2018
Earlier this year, Bitkoin launched its app, BuyCoins, which allows users invest their money in cryptocurrency by selecting a coin and paying with their bank account or debit card.
Users who already have Bitkoin Africa accounts would simply have to sign in with their email address and password. Then they will be required to verify their identity using their Bank Verification Number (BVN), bank account, and phone number. After the verification, they can begin to buy or sell cryptocurrency within seconds with no transaction fees.
I'm thrilled to announce @microtraction’s investment in @bitkoinafrica. @ireaderinokun & @timigod are two of Africa’s top developers and are on a mission to make it easier and more secure for Africans to invest and trade cryptocurrencies https://t.co/yFaU0Wbu51
— Yele Bademosi (@YeleBademosi) June 27, 2018
With its brilliant ventures, it soon attracted the attention of Microtraction; an early-stage startup investor who announced an undisclosed amount of funding in Bitkoin Africa.
Now, Buycoins continues to carve a niche and establish itself in the cryptocurrency space. It also promises billions of cryptocurrency transactions on its platform soon and with this recent milestone, it won’t be surprising if it happens a lot sooner.
At the same time, this is just the beginning. 50x soon.
— Timi Ajiboye (@timigod) October 18, 2018
Although crypto trading seems to be a very volatile market, Nigerians, ever the natural risk-takers, are still willing to jump on the cryptocurrency train. For this reason, BuyCoins may be the next big thing in the Nigerian Crypto market.
