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Nigeria is Africa’s leader in Bitcoin transfers, transacts $8 million weekly

Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.



Nigerians increasing their use of BTC is no longer news, but what seems astonishing is the volume that they transact with BTCs weekly, compared to other African countries.

Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.

Recent statistics obtained from usefultulips, a BTC analytic data provider, stated that Nigeria leads Africa peer to peer lending in 2020, posting weekly P2P volumes of between $8million, followed by South Africa and Kenya posting about $2 million weekly.

Quick Facts: In BTC’s case, peer to peer is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.

It shows that BTC’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system, as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches.

This is a testament to the fact that Nigerians truly love their Bitcoins.

It’s important to note that Nigeria’s Securities and Exchange Commission is aware of the high precedence of crypto use in Africa’s biggest economy, and has up come with rules recording to the fast-changing financial sector

Chimezie Chuta, Founder, Blockchain Nigeria User Group, spoke with excitement on the long-overdue legal framework by the Nigerian Securities and Exchange Commission regulating digital assets and blockchain investments.

“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general.

“This recent publication will act as a catalyst for mass adoption. It will also create much needed institutional investor confidence for the Nigeria Capital Market.”

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Cryptocurrency News

RippleNet processed over 2 million transactions

20% of all transactions on RippleNet are now performed using the crypto asset XRP.



RippleNet, according to Garlinghouse, has now done over 2 million transactions with a nominal value of over $7 billion. Ripple CEO, Brad Garlinghouse also disclosed that 20% of all transactions on RippleNet are now performed using the crypto asset XRP.

In a video stream event seen on Youtube,Ripple’s CEO disclosed a significant amount of upgrades on Ripple’s cross border payments network and its XRP-powered On-Demand Liquidity (ODL) platform.

Garlinghouse said:

“In the three years that RippleNet has been live, we’ve done over two million transactions with a nominal value of over $7 billion. We have hundreds of customers. We’re seeing the greatest traction across Asia… Now it’s also clear our customers are increasingly interested in emerging markets.

These include Latin America, Africa, and the Asian Pacific. I also think we all can agree some of these regions were largely abandoned by traditional correspondent banking over the last decade…

It’s also clear to me that XRP is the key behind RippleNet.

Its speed, its scalability, and its low cost per transaction make it perfect for instant settlement and exchange of value. It was built for payments. It has real utility [and] that’s why it works.

Quick fact:

  • RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.
  • RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
  • It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product, is available in the US, Mexico, Europe, the Philippines, and Australia.
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Ripple CTO Reveals He Made a $15.5 Million Mistake

David Schwartz said that he sold 40,000 Ethereum in 2012 for just $1 each. That stash would have been worth millions.



David Schwartz, chief technology officer at Ripple, revealed on Sunday that he sold 40,000 Ethereum (ETH) for just $1 per token back in 2012—a crypto cache that would be worth roughly $15.4 million today.

At Ethereum’s peak price, that would have been worth $53.6 million.

Schwartz explained that this decision was part of a “derisking plan” he discussed with his wife at the time, adding that he also sold undisclosed amounts of Bitcoin (BTC) and Ripple’s XRP for $750 and $0.01 per coin, respectively.

While not aimed at Schwartz directly, the revelation stemmed from a comment made by another Twitter user, stating that “anyone pushing XRP while derisking is exit scamming.”

“On the derisking, I’m a risk averse person with people who depend on me financially and emotionally. Fate caused me to put a lot of eggs in one basket,” Schwartz replied, adding, “My job, my reputation, Ripple stock, XRP, and so on. I like that basket. But the risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same.”

Schwartz is far from the only one who sold their crypto for cheap in the past. Perhaps the most well known example is Laszlo Hanyecz, a programmer from Florida who also contributed to Bitcoin’s source code. In May 2010, he paid 10,000 BTC, worth around $115 million today, for two Papa John’s pizzas.

While such a deal could warrant therapy sessions with a psychologist for many crypto enthusiasts today, 10 years ago it arguably paved a way for Bitcoin to be used as an actual currency. And the rest, as Bitcoin developer Jameson Lopp put it, is history.

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Cryptocurrency News

Tron Whale transfers 306 million TRX

A large entity moved 306,935,072 TRX (7,808,068 USD) from Poloniex to an unknown wallet.



Tron is gaining attention among global investors and crypto traders alike. The 16th most valuable crypto is fast becoming a sort of magnet among crypto holders, as investors cash in on the Ethereum based crypto.

Data retrieved from Whales Alert, an advanced crypto tracker revealed that a large entity moved 306,935,072 TRX (7,808,068 USD) from Poloniex to an unknown wallet.

At the time this report was drafted, TRON traded at $0.02556661 with a daily trading volume of about $1 billion. TRX price is down by -3.3% in the last 24 hours.

It has a circulating supply of 72 billion coins and a max supply of 101 billion coins.

Quick fact on the Tron project

Justin Sun founded the Tron Foundation in Singapore in 2017, with the aim of creating a protocol that could “decentralize the internet,”and support decentralized applications.

  • Beginning on Ethereum, it migrated onto its own blockchain in the following year.
  • According to the foundation, the July 2018 purchase of BitTorrent further cemented TRON’s leadership in pursuing a decentralized ecosystem.
  • In 2019, Tron and Tether announced a partnership to launch Tether Tron Whale transfers 306 million TRX on the Tron blockchain as a TRC-20 token, the protocol’s equivalent of an ERC-20 designed to improve liquidity on crypto exchanges.
  • According to the project’s whitepaper, the network is based on a proof-of-stake system, in which 27 ‘super representatives’ or SRs, produce blocks for the network. A total of 336,384,000 TRX are awarded annually to the SRs.
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