Nigerian online payment processor, VoguePay and South African Bitcoin company, ICE3X have entered into a partnership that will allow the buying and selling of bitcoin in Naira using VoguePay wallets.
ICE3X founder, Gareth Grobler said,
“Bitcoin technology has yet to be packaged and applied correctly for it to be a mainstream alternative currency, but as an agnostic payment settlement mechanism within a larger framework it ticks all the boxes and could perhaps have a significant impact on shaping the Nigerian digital economy landscape. It is a market that simply just cannot be ignored any longer.”
Confidence in Bitcoin waned in 2014 as a frenzied speculation, followed by massive security breaches and theft to the tune of millions took over 60 percent off the currency’s value. Security still remains a concern as $5 million worth of Bitcoin went missing on the 5th of January from a major Bitcoin exchange based in Slovenia.
Nonetheless, experts still anticipate that Bitcoin could mark a watershed moment for financial services and inclusion in Africa. So far, South Africa and Kenya have been the continent’s cryptocurrency’s biggest adopters, with a slew of startups rushing to implement locally relevant applications for the technology.
Nigerians in Nigeria will be able to trade bitcoin on the VoguePay and ICE3X powered platform from the 12th of January, 2015.
Bankole Oluwafemi contributed to this report.
