Luno, one of the leading global cryptocurrency platforms recently announced that her users can now buy Ethereum on its exchange platform using Nigerian Naira. This announcement was made on the 29th of October, 2019. Previously, the only way through which one could purchase Ethereum in Nigeria was through Bitcoin or through Luno’s instant buy option. Luckily enough, it is no longer the case today as Luno customers in Nigeria can now buy Ethereum with the Nigerian Naira.
It is without doubt that Ethereum has recently become one of the most popular cryptocurrencies in Nigeria. It is so popular to the extent that activity on cryptocurrency exchanges in Nigeria suggests that there is higher Ethereum liquidity in the local market than in South Africa, one of the leading African countries when it comes to cryptocurrency adoption and use. It also suggests that the 24-hour volume of cryptocurrency markets in Nigeria is highly competitive when compared to other countries in Africa.
A recent survey of cryptocurrency adoption, awareness, and daily use in Nigeria found that Ethereum was only second to Bitcoin. It is also important to understand here that Ethereum was only found second to Bitcoin as the most well-known digital asset among cryptocurrencies in Nigeria. 30% of the people surveyed confirmed that they owned Ethereum, compared to 80% for Bitcoin, 23% for Bitcoin Cash, and 22% for Litecoin.
Ethereum is a public, peer-to-peer digital financial network or blockchain that possesses its own cryptocurrency called Ether. Ethereum was created by Vitalik Buterin in 2014. Behold, it was designed to be one of the best financial platforms on which smart contracts can be build and run. This explains why many experts view Ethereum as more than just a cryptocurrency. In addition, such people foresee a world where a variety of applications are built and run on the Ethereum blockchain. It comes as the second largest cryptocurrency by market cap. In addition, its practical applications are vast in comparison to others.
According to Marius Reitz, General Manager for Africa at Luno, Nigerians are increasingly aware of the various benefits and applications of Ethereum, and cryptocurrencies in general. “As a result, making it easier, cheaper and faster for Nigerians to buy and sell Ethereum will only serve as a catalyst for connecting more people to these benefits and applications. We are excited to be at the forefront of making this happen,” he added.