Grace Ashiru
PowerDfi, a blockchain-based financial startup based in Wyoming, has bought Naijacrypto, a Nigerian cryptocurrency platform that was first focused on the African markets.
Naijacrypto is a cryptocurrency exchange that enables spot trading of cryptocurrencies, staking of cryptocurrencies, cryptocurrency-backed loans, and a wide variety of other blockchain-based services. It wants to improve financial inclusion by making traditional financial activities easier through the blockchain.
Tim Webb, the CEO of PowerDFI, said this about the acquisition: “Adding the work done by Naijacrypto to what we are building at PowerDFI completes our technology suite so that we can handle trillions of dollars in assets over the next ten years.”We’re ready to help move the $57 trillion shadow banking market to the blockchain to make it more secure and open,” he said.
The company recently expanded its services to several African countries and the United Kingdom. It is one of the few exchanges with a presence in the Caribbean and has shown interest in growing to other Latin American countries.
Even though Naijacrypto’s geographic reach is growing, it seems that PowerDFI’s primary interest is its large and growing technical infrastructure, which has been streamlined to meet retail and B2B needs.
The CEO of Naijacrypto, Chiagozie Iwu, stated that the cryptocurrency exchange was moving toward a business model that would disrupt the financial markets while simultaneously continuing to uphold characteristics that have kept its customers loyal to them for years.
He said that, even though the exchange would offer many structured products, PowerDFI’s help would help stablecoin-based remittance instruments keep doing what they were made for and even make them better.
He also said that Naijacrypto was planning to use its vast B2B networks to offer hedge instruments to businesses and people vulnerable to exchange rate risk.
