As reported earlier, several blockchain-based organizations and some major exchanges like Binance had started their operations in the region. Following the developing crypto space, Blockstale BTM has installed one initial Bitcoin ATM.

The firm has collaborated with a Chinese tech company to design the machine. Blockstale BTM intends to introduce the ATM in 30 different locations across Nigeria. Initially, the machines are placed at the Bar in Lagos and the Dazey Lounge state.

On 1st April 2020, Daniel Adekunle, CEO of Blockstale, stated to regional media, “Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa.”

Nigeria Is Number 1 In Bitcoin Google Trends

CoinATMRadar’s analysis indicates that two machines are placed in Ghana, seven crypto ATMs operate in South Africa and five ATMs are installed in various regions of Africa. In the continent, Nigeria is the eighth country when it comes to the number of ATMs.

According to Google Trends, Nigeria stands on the top position in terms of Bitcoin Google searches.

During September 2019, LocalBitcoins lost more than 50% of users as the platform extended its KYC requirements.