A new digital currency exchange and banking platform, called BitStake, is expected to be launched in Nigeria this month, according to its backers.
Through BitStake, users will be able to purchase bitcoins with Naira, the local currency of the Nigeria, and the transaction will be done on a real time trading platform. Users will also be given the chance to trade the bitcoin for their local currency.
David Ajayi, Co-founder Bitstake said:
BitStake can be used in sending and receiving money instantly by just doing it online or through SMS. There is no need to stay connected to the internet but everything can be done with only a phone signal.
As of now, the beta website of BitStake is available and is ready to accommodate those who want to sign up.
BitStake is also primarily designed to permit frictionless transactions for receiving and sending funds in and outside of the country. BitStake will be used as an instrument in making all Africans aware of the benefits of Bitcoin and the other digital currencies available.
According to BitStake, the platform will included interest bearing accounts w/ high yield from the Proof of Stake digital currencies. Users can also get a loan or borrow money on peer-to-peer marketplace and pay personal bills using the system.
For so long, Nigerians and Africans in general have been cut off from the advanced financial technology. With Bitcoin, we have a chance to connect with a global network of decentralized payment system with instant deposit to anyone across the world.