First Bitcoin ATM in Nigeria

Bitcoin ATM (Automated Teller Machine) is a kiosk that allows consumers to purchase bitcoin by using debit card. Bitcoin ATMs have grown in numbers around the globe because of the easier way for consumers to exchange bitcoin. Nigeria, being African's largest country has launched its first Bitcoin ATM. Blockstale BTM, a new bitcoin startup in Nigeria, has installed Nigeria's first Bitcoin Automated Teller Machine (ATM) in the financial capital of the country, Lagos state. The machine was installed at Dazey Lounge and Bar in the Ajah area of Lagos. It was designed in Shenzhen, China by the founder and chief executive officer of blockstale, Daniel Adekunle.

“Despite all legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa”-Daniel Adekunle, Blockstale’s chief executive and founder.

The chief of executive officer of blockstale, at the launch explained that the ATM was specially designed for easy exchange of bitcoin to naira and vice versa in Nigeria. He also noted that the invention was part of the desire to eliminate the technicalities associated with Bitcoin transactions.

According to legit.ng, The Bitcoin ATM has a door alarm system, a remote tracker and some bio scanners, which makes it theft proof.

Nigeria is recorded the eighth country to host a Bitcoin ATM in the continent. South Africa is home to seven crypto ATMs, Ghana has two, while Kenya, Uganda, Zimbabwe, Djibouti, and Botswana each have one terminal, and altogether African continent has 15 bitcoin terminals.

According to Google Trends, Nigeria also tops Google searches for Bitcoin, by generating twice the traffic as the second-ranked country, Austria. Three of the top five ranked countries for Bitcoin searches are African countries with South Africa and Ghana being ranked third and fifth.