Nigerian startup BuyCoins is opening up cryptocurrency to everyone with its new product Sendcash
BuyCoins Africa (before Bitkoin Africa) is opening up cryptocurrency to everyone with its new product Sendcash, which enables people to receive money into their bank account from any country using Bitcoin, according to local media outlet Disrupt Africa on July 3.
Launched in October 2017, BuyCoins enables Nigerians to easily buy, sell and use cryptocurrencies, and has around US$7 million worth of digital cash traded on its platform each month.
“We found that although there was some interest in crypto in Nigeria, it was pretty difficult to buy and sell cryptocurrencies with Nigerian bank accounts and cards. So, we created a platform to do just that, and we have tried to evolve as we learn more about the market and our users,” BuyCoins product manager Teju Adeyinka told Disrupt Africa.
Having seen increased uptake in usage, BuyCoins is now attempting to extend its user base to include less tech-savvy Nigerians with the launch of Sendcash. The new product enables people to receive money into their Nigerian bank accounts from any country abroad using Bitcoin.
“Basically, we map a bank account to a Bitcoin wallet address, and when anyone sends Bitcoin to that address from anywhere in the world, we convert it to Naira and credit the bank account within a few minutes,” said Adeyinka.
“The receiver doesn’t need to interact with Bitcoin at all as they will get the Naira equivalent into their bank accounts automatically.”
According to the company’s blog, BuyCoins introduced itself as:
BuyCoins is a service that enables users trade cryptocurrency instantly with no wait time. Users can buy/sell cryptocurrency directly from/to us via the app without the hassle of looking for traders to buy from or sell to. We’re currently based in Lagos, Nigeria and cater to Nigerians in Nigeria who are interested in trading cryptocurrency.
The rises of crypto In Africa
According to Arcade Research, Africans rank atop global cryptocurrency ownership rates. As AZcoin News recently reported, it is known that South Africa is ranked third worldwide, with 13% of Internet users own or use cryptocurrencies. Nigeria occupies the fifth place, with 11% of Internet users having cryptocurrency. The worldwide average stands at 7%. Nigeria tops the list of Google searches for Bitcoin worldwide. In particular, South Africa, Ghana, and Kenya ranked fourth, fifth and 17th respectively.
Source: Arcane Research
In particular, Bitcoin is one of the most famous cryptocurrencies in Africa or trading in XRP derivatives. Slightly more comfortable than it has ever been before, opening up a new avenue for those who wish to introduce themselves to the world of crypto.
Moreover, the payment via Bitcoin will not have intermediaries, no complicated workflow, just register, enter your information, and you are ready to trade. With familiarity, trust, and as African users increasingly get used to seeing, trading, and often interacting with cryptocurrencies, they are more inclined to use it in their daily lives.
- Bitcoin Adoption Is Making Significant Advancing In Africa, Especially Nigeria Despite Its Economy Can Shrink 8.9%
- World Regions With Fast-Growing Financial And Economic Potential Like Africa Could Become The Predominant Crypto Adopters