Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Nigerian cryptocurrency exchange Roqqu has received regulatory authorization to function in South Africa, enabling users to buy cryptocurrencies and withdraw funds using the nation’s fiat currency, the South African Rand, as reported by local media.
South Africa has been a significant focus for Roqqu as the exchange aims to enhance its presence in the African market. In a prior discussion with Cointelegraph, the company identified South Africa as a key area for its expansion strategy, which includes targeting 5 million clients by 2023.
Roqqu is also looking towards Ghana, Uganda, Kenya, and Tanzania for future regional growth.
South Africa is among the leading nations in Africa for cryptocurrency and blockchain adoption; and today, @roqqupay has just obtained regulatory approval to operate in South Africa #RoqqucomingtoSA pic.twitter.com/D6rdiIkAFZ
— Roqqu (@roqqupay) April 20, 2023
Related Posts
As of January, Roqqu reported having over 1.4 million active users and had also secured a virtual currency license for the European Economic Area, allowing it to operate in more than 30 countries. The exchange took two years to gain approval from the regulatory bodies in the region.
The exchange’s approach focuses on enabling cross-border transactions via cryptocurrencies, primarily targeting African nations. According to Roqqu CEO Benjamin Onomor, “Africans living and working abroad send over $5 billion annually back home, facing significant challenges and often waiting days for the funds to reach their families in Africa.” He added: “This presents a problem as many families rely on these remittances for essential needs such as food and shelter.”
Data from Chainalysis indicates that the Middle East and North Africa represent the fastest-growing area globally for cryptocurrency adoption, with over $566 billion transacted in cryptocurrencies between July 2021 and June 2022, marking a 48% increase from the previous year.
Cointelegraph recently highlighted that Africa’s cryptocurrency-focused startups secured $474 million in funding last year, a remarkable 429% increase from the $90 million raised in 2021. This surge in capital flow outpaced the global average, which experienced only a 4% rise in blockchain funding in 2022.
Magazine: Bitcoin in Senegal: Why is this African country using BTC?
