Crypto adaptation has been a trend in Africa despite CBN’s directive on banning crypto exchanges in the country. This is evident in Quidax’s report last Monday – the crypto exchange company has processed more than $3.2B worth of transactions since its first launched way back in August 2018.

Quidax chief executive officer, Buchi Okoro, also stated that they are releasing a native token called QDX on Binance Smart Chain. They have intended to be available globally that can trade 100 cryptos in the ecosystem of Binance Smart Chain on Quidax, projecting to become “the global home of BEP20 tokens”.

In February of this year, the Central Bank of Nigeria made it clear that all financial firms and banks are prohibited to provide any crypto exchange services. Accounts of individuals or organizations found to be doing any crypto exchange activities will be closed down as part of the country’s efforts in Anti-Money Laundering.

In spite of the global pandemic, banning of crypto exchanges and the weakening of their currency naira, Nigerians embraced cryptocurrency, particularly BTC and other digital assets as an alternative way of maintaining their funds.

Okoro also states that the company will come up with various products in the next six months with a blend of CeFi and DeFi. As of writing, Quidax growth has come to over 400,000 customers across 72 countries.