A Historic Leap for Roqqu

Nigerian crypto exchange Roqqu has finally snagged a virtual currency license for the entire European Economic Area after a nail-biting two-year wait. This green light opens doors in 30 countries and positions the company to establish itself in an ever-expanding crypto market.

Bringing Competitive Edge to Traders

In an exclusive chat with Cointelegraph, Roqqu shared their game plan: attract early traders by offering competitive fees and a user-friendly experience tailored for cryptocurrency newbies. With such enticing offerings, it’s not just a transaction—it’s a launchpad for newcomers into the world of digital currency.

Ambitious Growth Targets

Roqqu isn’t just dreaming big; they aim to boost their user base from 1.4 million in Nigeria to a whopping 5 million by the end of 2023. Among the African nations on their radar for expansion are South Africa, Ghana, Uganda, Kenya, and Tanzania—countries poised to jump on the crypto bandwagon.

Remittances: A Heavy Financial Burden

According to CEO Benjamin Onomor, Africans living abroad send more than $5 billion annually back home, often with hefty wait times. “It makes a lot of sense to solve this problem by using crypto as the vehicle,” he explained. By leveraging the speed and reduced costs of cryptocurrency, Roqqu aims to streamline these remittances and make sending money faster and cheaper than ever.

Challenges in the African Crypto Landscape

Despite the promising growth, the road ahead is peppered with challenges. “Lack of access to good internet, low financial literacy, and technical know-how are major roadblocks,” stated Onomor. Furthermore, crypto startups are hampered by limited software management tools and vague regulatory frameworks. But Onomor remains optimistic, stating, “One of the most beautiful things about the crypto industry is that it’s a world of endless opportunities. With every challenge faced, crypto startups find a way to innovate around it.”

A Bright Future for Cryptocurrency in Africa

With Nigeria being Africa’s most populous nation and a leading hub for cryptocurrency, Roqqu is paving the way for other startups. The recent launch of Nigeria’s first Bitcoin Lightning Network node further tightens the continent’s grip on the Bitcoin ecosystem, while the Central Bank explores blockchain for digital currency solutions. As the crypto landscape evolves, so too will the chances for Africans to take part in this financial revolution.