Home Tech US based blockchain financial startup PowerDFI acquires Nigerian cryptocurrency exchange Naijacrypto

US based blockchain financial startup PowerDFI acquires Nigerian cryptocurrency exchange Naijacrypto

by Milcah Lukhanyu
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PowerDFI, a Wyoming-based Blockchain financial startup, has acquired Naijacrypto, a Nigerian-owned cryptocurrency platform focused initially on the African markets.

Naijacrypto is a cryptocurrency exchange that facilitates cryptocurrency spot trading, staking, cryptocurrency backed loans and a whole lot of other blockchain-based services. It aims to bridge the gaps in financial inclusion by facilitating traditional financial activities via the blockchain.

Commenting on the acquisition, Tim Webb, the CEO of PowerDFI, said: “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”

“We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security,” he added.

The company recently expanded its offering to include multiple African countries and the United Kingdom, is one of the few exchanges with some presence in the Caribbean and has indicated an interest in expanding to other Latin American Countries.

Despite Naijacrypto’s growing Geographical scope, it seems PowerDFI’s main interest in Naijacrypto is its vast growing technical infrastructure which has been streamlined to meet not just retail Needs but also B2B use cases. 

According to Naijacrypto CEO, Chiagozie Iwu the exchange was transitioning to a business model set to disrupt the financial markets while still maintaining aspects that have made their users stick to them for years.

According to him, even though many structured products would be made available on the exchange, stablecoin-based remittance instruments would keep serving their initial purposes and even be made better by the support PowerDFI can harness.

He added that Naijacrypto was set to leverage its already massive B2B networks in offering hedge instruments to businesses and individuals exposed to exchange rate risk.

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