Lagos gets the first Nigerian Bitcoin ATM as the beginning of the initiative of Blockstale to install over 30 Bitcoin ATMs across the country.
Due to the need for options to buy and sell bitcoins, we can observe a rapid increase in the number of Bitcoin ATMs around the world. It was rather unfortunate that until now, Nigeria with one of the largest Bitcoin markets in Africa was not in possession of a Bitcoin ATM. But as of the time of writing, the first Nigerian Bitcoin ATM was recently installed by Blockstale. If you’ve never heard of Blockstale before, it is because it is new. Blockstale is a new Bitcoin ATM startup in Nigeria.
The first Nigerian Bitcoin ATM in Lagos is located at Dazey Lounge and Bar, Ajay, Lagos State, and allows users to buy Bitcoins with the Nigerian Naira.
The Blockstale’s story is one worth knowing for they have made Bitcoin trading in Nigeria with the Naira easy. Daniel Adekunle is the Founder and CEO of Blockstale. He is the one who brought the first Bitcoin ATM to Nigeria after finding out that there was little or no cryptocurrency hardware on the continent.
Speaking on this subject matter, Daniel Adekunle says, “Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. Blockstale BTM was developed specially to facilitate adoption, transparency, and security in Nigeria.”
Daniel Adekunle in his search for a way out went and worked closely with the Chinese partners to develop and launch a Bitcoin ATM in Lagos, Nigeria, early 2020. In addition, he says that the startup which he is at the head intends to install about 30 of such devices before this year goes to an end.
The Situation Of Bitcoin ATMs In Africa
The latest updates reveal that Africa has a total of 15 Bitcoin ATMs. Before Daniel Adekunle installed the first Bitcoin ATM in Lagos, Nigeria, there were 14 Bitcoin ATMs spread across seven countries. That is, 7 Bitcoin ATMs in South Africa, 2 in Ghana and 1 in Kenya, Zimbabwe, Botswana, Uganda, and Djibouti.