Popular cryptocurrency exchange, KuCoin, has extended its crypto trading services into the Nigerian market. As announced on Friday, via the exchange’s official Twitter handle, the Singapore-based crypto exchange, has launched a peer-to-peer fiat trade for NGN/USDT, NGN/BTC pairs.
#KuCoin Launches P2P Fiat Trade for the $NGN Market 🇳🇬— KUCOIN (@kucoincom) July 31, 2020
The NGN/USDT and NGN/BTC are now available to users in the KuCoin P2P Fiat Trade market.
Buy #Crypto with NGN now: https://t.co/QEB6ZuqFCe
Details: https://t.co/9ph4hy53gF pic.twitter.com/pT2bHdhw8Y
Similar to other platforms, to buy and sell the BTC/NGN and USDT/NGN pairs on the KuCoin’s P2P platform, users must complete their verification which is the Know Your Customers (KYC), before accessing these crypto-fiat trades.
With the addition, the Nigerian Naira becomes one of the first African fiat currency to be supported by the exchange. According to the announcement made on the exchange’s blog, the newly added crypto-fiat pair are currently available for trading on the exchange’s P2P trade platform, with plans to support more cryptocurrencies.
Nigeria: A Bullish Market for Crypto Exchanges
Rival exchange, Binance, was the first global cryptocurrency exchange to expand into Africa— A move which saw them support the Nigerian Naira, and other African fiat currencies. In a similar move, KuCoin, dubbed as ‘The People’s Exchange’, might be looking to further spread its tentacles into the other parts of African market.
The crypto exchange’s attraction to the Nigerian market came as no surprise, as the country is arguably the number one hotspot for cryptocurrency in Africa.
Peer-to-Peer cryptocurrency trading in Nigeria is a popular choice amongst crypto users. Recent stats from crypto data analytics website, UseFulTulips, shows Nigeria ranks the highest for P2P trading volume in Africa.
Also, Nigeria ranks among the top five countries with the most bitcoin searches on Google.
KuCoin is a crypto exchange platform founded in 2011 and headquartered in Singapore. The exchange allows users to buy and sell bitcoin and popular cryptocurrencies.
In 2018, KuCoin raised a $20 million Series A fund from Venture platform; IDG Capital, Matrix Partners and Neo Global Capital.