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Nigerian Crypto Exchange Roqqu Expands to South Africa and Plans Regional Expansion in Africa
Roqqu, a Nigerian crypto exchange, has received regulatory approval to operate in South Africa. The approval will enable Roqqu to provide on and off-ramps to the South African rand currency, allowing users to purchase cryptocurrencies and withdraw funds with the country's fiat currency. South Africa has been a priority for Roqqu as it seeks to expand its presence in the African market.
Roqqu plans to expand to Ghana, Uganda, Kenya, and Tanzania in the near future. The exchange aims to facilitate cross-border transactions through cryptocurrencies in African countries, particularly for Africans living and working in the diaspora who send over $5 billion yearly back home. Roqqu claims to have over 1.4 million active customers and received a virtual currency license for the European Economic Area in January, effectively allowing it to operate in over 30 countries.
Crypto Adoption and Funding in Africa and the Middle East
Data from Chainalysis shows that the Middle East and North Africa region is the fastest-growing for crypto adoption, with over $566 billion transacted in cryptocurrencies between July 2021 and June 2022, up 48% from the previous year.
In 2022, startups in Africa that focus on cryptocurrency raised $474 million in funding, marking a 429% increase from the previous year. This impressive growth rate exceeded the global average of a mere 4% increase in blockchain funding during the same time period.
The CEO of Roqqu, Benjamin Onomor, emphasized the significance of remittances for Africa and highlighted the difficulties that families face when they rely on these funds for essential needs like food and shelter. To address these challenges, Roqqu's strategy aims to use cryptocurrencies to facilitate cross-border transactions, providing a faster and more cost-effective solution.