Nigerian crypto exchange Roqqu recently announced that it has received a virtual currency license that will allow it to offer services in 28 European countries.Roqqu’s head of product Israel Ololade, said the European Union license “aligns with the brand’s drive to become the number one blockchain and crypto company in the world.”
Crypto Adoption Lagging in Europe
Nigeria-based cryptocurrency exchange Roqqu recently received a European Union virtual currency license, allowing it to serve users in 28 European countries, according to a statement released by the company. The license allows Roqqu users, including non-Nigerians, to participate in the non-fiat token (NFT) market as well as trade in digital currencies.
According to the statement, the EU license for crypto exchange means that Roqqu is one of the first digital asset exchange platforms from Africa to expand into Europe. In the statement, the Nigerian crypto exchange also shared some of the reasons that influenced its decision to seek a Eurozone license.
“Our research shows that Europe needs to catch up in terms of the global average of cryptocurrency adoption. The global average rate of cryptocurrency adoption in Europe is 27%. European crypto exchanges have more complex user interfaces and higher fees, making it difficult for early traders to participate in crypto as much as they would like,” the statement said.
In a recent interview with Bitcoin.com News, Benjamin Eseoghene, CEO of the crypto exchange, said the decision to expand to Europe makes its services “available to their friends and family who are living and studying abroad.” He suggested that it had been influenced by users who had asked Roqqu to consider making its service “available to their friends and family living and studying abroad.
Meanwhile, Israel Ololade said that the EU license “coincides with the brand’s drive to become the number one blockchain and crypto company in the world.” Moreover, Roqqu’s expansion into Europe will open a channel through which Nigerians in the diaspora can seamlessly send money to family and friends in Nigeria, Ololade added.
Sign up for email here to receive weekly African updates in your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons