GIFX Exchange Is Ready To Serve Nigerian Users

Hands counting Nigerian naira notes with a wallet and GIFA Token coins in a banking concept. / GIFX Average Nigerians have gone through stru...

Hands counting Nigerian naira notes with a wallet and GIFA Token coins in a banking concept. / GIFX

Average Nigerians have gone through struggles greatly in the country's economy that is regarded as the biggest on the African continent, and many have been forced to seek out alternatives that offered tangible opportunities to make money online. 

First, when cryptocurrency exchanges started to show up in Nigeria, the early adopters established pawnshops and some became independent brokers buying and selling bitcoin in 2013. And, as a result, the country’s cryptocurrency community has grown today, trading more than $99.1 million in a single month.

Cryptocurrency trading and investment made some Nigerians millionaires and hustlers are always on the lookout for new ways to make money. When GIFX exchange entered the Nigerian market about a few months ago people turned to GIFA Token, one of the most promising digital currencies with full of potentials. Nigerian cryptocurrency adoption can be linked to the country’s predominantly young population which is more tech-savvy than the old generation. Young business entrepreneurs have employed the internet in hopes of finding online jobs and earn income that oftentimes proves very hard to make money from local conventional businesses.

Many younger Nigerians became freelancers in their chosen fields and started offering their services to the international community where their work is more valued than a local jobs market. Nigerians in the diaspora such as students also experienced challenges when sending money back home, as exorbitant charges increase from foreign banks and money transfer companies, thus discouraged many Nigerians from doing so.

GIFX exchange with its decentralized features, digital wallet, and the ability to lend cheaper and faster transactions, internationally. This type of service has ultimately turned the attention of many Nigerians to it and GIFA Token had finally found a home in Nigeria.

Rising demand for crypto in Africa

Nigeria is the leader in crypto trading in the world. More cryptocurrency trading pointing to Nigeria than almost anywhere else in the world, reflecting a loss of faith in more traditional forms of investment, as Ijeoma Ndukwe reports.

''Trading volume in Nigeria exceeded $99.1 million''.

Recent years have seen a rise in trading volume in Africa. Nigeria is still the leader in the continent, despite the recent crackdown by the government. Ghana and Kenya took second and third place, respectively. South African ranked fourth as it lost some ground in this domain.

Between January and March 2021, Trading volume in Nigeria exceeded $99.1 million. In Kenya, it was $38.4 million. In Ghana, it was $27.4 million and in South Africa, it was $25.8 million. Last year, 2020 Nigeria had a record-breaking $309 million in crypto trading volume, more than three times that of South Africa’s $98.4 million.

GIFA Token's  App enters Nigeria market

Kenya has pushed forward strongly with its central bank considering using cryptocurrency (Bitcoin) as a reserve currency. This establishes the currency as a store of value and shows that it has the backing of a central governmental authority, giving people a psychological impetus to accept it. Ghana’s central bank also made regulations easier for companies and startups around Bitcoin.

South Africa and Nigeria took the opposite stance. Nigeria banned the use of cryptocurrency and prevented its banks from processing transactions that involved cryptos. South Africa was hit hard by a Ponzi scheme conducted by Mirror Trading International which was based in the country. Authorities in South Africa criticized the use of cryptocurrencies following the incident, although they stopped short of banning it entirely.

There are several factors behind the high rate of adoption of crypto in Africa. Among those are the following:

• First, currency inflation and hyperinflation drive people away from national currencies to decentralized cryptocurrencies.
• Second, the high rates of corruption also make national currencies unappealing.
• Third, Africa has a young population in general, which is more likely to use cryptocurrency than the older generation that tends to be more skeptical.
• Fourth, a lot of people do not have access to the traditional banking system, and thus lack access to necessary financial services. With cryptocurrencies, this gap can be closed, and many people can get access to needed services such as sending and receiving money worldwide.

Africa is at the forefront of crypto adoption in the world. This can pave the way for faster economic growth in the continent. As countries are already growing, crypto can accelerate that trend.

The solution for crypto restriction in Nigeria

GIFX exchange provides a solution to Nigerian investors who can make use of GIFA Wallet by simply moving to this peer-peer App that allows free transactions and profitable trading with ultimate confidentiality of the users.

The Northern Cyprus-based exchange has been specifically targeting the Nigerian market in the wake of the CBN ban on cryptocurrencies and encouraging all the clients in Nigeria to install the mobile application on their devices. This allows Nigerian users to buy/sell GIFA Token and be able to all sorts of remittance services like transferring the funds beyond the national border.   For further explanation and assistance on how to set up the account with GIFA Wallet. Please conduct the: [email protected] / [email protected] the GIFA Token - Crypto Team is ready to help you. 

Market Price 

Bitcoin was $38,619.71 as of 7:08pm on Thursday, up with 2.69% percent, with a 24-hour trading volume of $33,128,673,410. It had a market cap of $677,564,832,408, a circulating supply of 18,723,862 BTC coins, and a maximum supply of 21,000,000 BTC coins.

Ethereum was $2,560.80, down 2.08 percent, with a 24-hour trading volume of $27,070,093,427. Ethereum the last 24 hours. It had a live market cap of $297,345,577,694, a circulating supply of 116,114,445 ETH coins, and its maximum supply was not available.

GIFA Token was $11.80, up 1.06 percent, with a 24-hour trading volume of $10,067,977,794. It had a live market cap of $119,007,411, a circulating supply of 350,000,000 GIFX tokens, and its maximum supply of 20,100,000,000 GIFX tokens.

Dogecoin was $0.321391, up 3.03per cent, with a 24-hour trading volume of $3,067,977,794. It had a live market cap of $41,729,670,027, a circulating supply of 129,840,700,871 DOGE coins, and its maximum supply was not available.