Expansion Across 30 European Countries
Nigerian cryptocurrency exchange Roqqu has obtained a Virtual Currency License in the European Economic Area after a two-year wait for regulatory approval. This landmark achievement enables the platform to operate across 30 countries and significantly expand its services in one of the world's largest crypto markets.
During an exclusive interview with Cointelegraph, Roqqu revealed its strategy to attract early adopters by offering:
- Competitive fee structures
- Enhanced user experience
- Simplified onboarding for new entrants
Ambitious Growth Targets
With this continental expansion, Roqqu aims to:
- Increase its user base from 1.4 million in Nigeria to over 5 million globally by 2023
Launch services in multiple African markets including:
- South Africa
- Ghana
- Uganda
- Kenya
- Tanzania
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Solving Real-World Financial Challenges
Benjamin Onomor, Roqqu's CEO, highlighted the platform's mission to revolutionize cross-border payments:
"Africans abroad remit over $5 billion annually through traditional channels that often take days to process. Cryptocurrency provides a faster, more cost-effective solution that directly addresses this pain point."
Africa's Crypto Adoption Surge
Recent data from Chainalysis reveals impressive growth:
- Middle East and North Africa: 48% year-over-year increase
- Transaction volume: $566 billion (July 2021-June 2022)
- Rising acceptance as legitimate asset class
Onomor notes the transformation: "From being perceived as scams to becoming one of Africa's most popular asset classes, crypto has gained tremendous traction."
Overcoming Regional Challenges
The African crypto ecosystem faces several hurdles:
- Infrastructure limitations (internet access)
- Financial literacy gaps
- Technical knowledge barriers
- Regulatory uncertainties
Despite these challenges, Onomor remains optimistic: "The crypto space presents boundless opportunities. For every obstacle, innovative startups find creative solutions."
Nigeria's Pioneering Crypto Ecosystem
As Africa's most populous nation, Nigeria continues to lead in crypto innovation:
- Recently launched first Bitcoin Lightning Network node
- Central Bank exploring blockchain for CBDC development
- Growing recognition as continental crypto hub
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FAQ Section
What countries can Roqqu now operate in?
Roqqu can operate in 30 European Economic Area countries with its new license.
How does crypto help with African remittances?
Cryptocurrencies enable faster, cheaper cross-border transfers compared to traditional remittance channels that often charge high fees.
What makes Nigeria a crypto hub?
Factors include:
- Tech-savvy population
- Progressive regulatory approach
- Strong entrepreneurial culture
- Existing financial infrastructure challenges
When will Roqqu expand to other African countries?
The exchange plans to launch in South Africa, Ghana, Uganda, Kenya, and Tanzania within coming months.
What's Roqqu's user growth target?
The platform aims to grow from 1.4 million Nigerian users to over 5 million globally by 2023.