Bitcoin boosts Square earnings in Q3

The digital economy has been experiencing a steady rise in crypto technology by young Nigerians and startups, to pay for goods and services.

Nigeria’s Information & communication sector (digital economy) grew by 15.09% in real terms in Q2 2020, compared to the 9.99% growth recorded in Q1 2020 and 9.01% in Q2 2019 amid the disruption caused to the financial markets by the pandemic.

In Q1 2020, Bitfxt – a fast-growing Nigerian crypto-trading company, raised $15 million Series A funding for the expansion of its operations, which created more jobs and investments in an economy in dire need of cash inflows.

The Lagos-based crypto startup permits consumers to buy and sell cryptos. Such macro shows how fast Nigerians are tapping into crypto technology, which in turn is boosting Nigeria’s economy.

Otatade Happy, a Paxful Peer, in an exclusive interview with Nairametrics, spoke on how the prevailing crypto evolution can further boost the Nigerian economy, with regards to payments and transactions.

“We know how difficult it is to send money from Nigeria to other countries but with crypto, payment can be made instantly without the hassles of queueing in the bank. I can also get money from abroad without stress.

“The fee to transfer crypto from one wallet to another is really small. Because of that, many people are adopting crypto in Nigeria and the older generation will soon accept it.”

Unsurprisingly, a significant number of young Nigerians have started utilizing cryptos, in a bid to avoid the numerous challenges faced with the traditional money transfer services, such as high costs and slow speed, amongst others.