Nigeria: Firm Launches First Bitcoin ATM in Nigeria

Lagos — Following the increasing adoption of cryptocurrencies and blockchain Technology in Nigeria, a tech company, BlockStale, has launched the first-ever bitcoin Automated Teller Machine (ATM) in Lagos.

The Chief Executive Officer of Block Stale, Adekunle Daniel, at the launch explained that the ATM was specially designed for easy usage of naira to bitcoin and bitcoin to naira in Nigeria.

He also noted that the machines were built with industry standard components to give ease and convenience to anyone trying to start a BTC machine business in Nigeria without any basic programming knowledge or for users looking to trade bitcoin with cash in Nigeria without allowing them worry about hardware or back end problems.

According to him, the invention was part of the desire to eliminate the technicalities associated with Bitcoin transactions.

Daniel urged government to embrace cryptocurrency as a legal tender and key into the idea of digital currency and Blockchain technology in Nigeria.

He said, "With this innovation, Nigeria ranks eighth in the world to experience the evolution of Bitcoin ATM which has brought global recognition to the country and Africa. Bitcoin is a digital currency that operates independently across national boundaries and sectors, which can be used as a form of trade, investment, payment and settlement."

More From: Daily Trust

Don't Miss

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.