How crypto startups survived the ban in Nigeria
- Bitfxt was founded in 2017 to provide a crypto payment gateway, cross-border remittance product, and trading platform.
- The Central Bank of Nigeria banned banks from facilitating crypto transactions on February 5, 2021, leading to the closure of many crypto accounts.
- During the 2017 bull market, Bitcoin's price crossed $10,000, increasing interest in crypto among Nigerians.
The evolution of the crypto landscape in Nigeria highlights the need for a balanced regulatory approach that fosters innovation while ensuring compliance. The recent lifting of the crypto ban presents an opportunity for local startups to rebuild, but they must navigate the ongoing uncertainty and establish trust with banks and regulators to thrive.
