African-based Roqqu crypto exchange acquires a blockchain license to operate in Europe

African-based Roqqu crypto exchange acquires a blockchain license to operate in Europe

Time Stamp: January 17, 2023 3:00 AM
  • Roqqu Crypto exchange finally attained its Europen virtual currency license
  • Its headquarters are in Lekki, Lagos state Nigeria, and it has processed over US$20 million in transactions
  • The new achievement will allow the Riqqa crypto network to expand its reach in over 30 countries

The African crypto ecosystem stole the crypto limelight for several months in 2022. After  Africa broke records and attained a 1200% crypto adoption rate in 2021, all eyes were on the continent, especially the top crypto country, Nigeria. The crypto ecosystem in Nigeria is vast and contains plenty of success stories, including various successful African crypto exchanges. Roqqu crypto exchange is among the top exchange platforms in Nigeria to steal the hearts of any African crypto investor. In recent news, Roqqu received the European virtual currency license, a blockchain license allowing it to broaden its reach towards Africa.

Initially, many thought that with the recent crypto winter, Africa’s ecosystem would receive a massive blow to its crypto adoption rate. However, cryptocurrency in Nigeria is still at an all-time high and shows no signs of slowing down. With the Roqqu crypto exchange achieving this feat, we can see an improvement in its adoption rate.

Roqqu crypto exchange stealing the limelight in Nigeria

Roqqu is a Nigerian crypto exchange and payment gateway launched to take advantage of the crypto adoption rate within Nigeria. Uchenna Nnodim created this African crypto exchange in 2019 and has garnered over 200000 active users. Uchenna desired to build a crypto ecosystem.

Also, Read Yellow Card: First African exchange platform to get a nationally recognized virtual assets trading license.

His fellow Nigerians and Africa would experience fast, seamless and secure trading. In addition, they could use their local currency, the Naira. In addition to this bold move to expand cryptocurrency in Nigeria, the Roqqu crypto exchange also wanted to open the doors of the global market to all crypto traders within Africa. As such, it was launched as an online exchange platform, making it easily accessible to the public via the Internet. 

Roqqu crypto exchange

Roqqu crypto exchange, an upcoming African crypto exchange, attains the European Virtual currency license, a blockchain license that will allow it to expand crypto beyond Nigeria.[Photo/BitcoinNews.com]

Thus Africa’s crypto exchange is among the few within Africa’s crypto ecosystem to gather users’ attention. Before competing with BitSika, Yellow Card or ChipperCash, it still has some ways to go. Still, it has made its mark through the various blockchain technologies integrated within its normal functioning.

The Roqqu crypto exchange allows users to pay TV, electrical, airtime and other utility bills for n the comfort of their homes and through cryptocurrency. Its headquarters are in Lekki, Lagos state Nigeria, and it has processed over $20 million in transactions. This feat significantly set the pace of the African crypto exchange to create heights.

Roqqu crypto exchange attains a blockchain license

Unfortunately, before cryptocurrency in Nigeria and even the world was recognized, many thought of it as a mere hoax. However, as the years progressed and many crypto traders barter, earning millions, many began to notice the uprising of illegitimate transactions and chaos brewing. Various legislative bodies had to ensure that cryptocurrency is appropriately governed and integrated within a secure system. Thus they established blockchain licenses, and only crypto exchange platforms that met these criteria would be allowed to enter the market.

Also, Read Amazon among five companies to help European Central Bank with digital Euro development.

Roqqu crypto exchange is one of the few African exchanges striving to attain a European virtual currency license. In an interview, the company stated that it seeks to attract newbie traders looking to gain an edge. This new achievement will allow the Riqqa crypto network to expand its reach in over 30 countries.

The African crypto exchange platform aims to provide newer competitive fees and better functionalities for newcomers. It is essential to remember that Roqqu attained over $20 million in transactions out of merely dominating the cryptocurrency in Nigeria. With the European virtual crypto license, the CEO, Benjamin Onomor, stated that he seeks to expand into South Africa, Ghana, Kenya, and Tanzania. 

“It makes great sense to solve this problem by using crypto as the vehicle. Crypto is a faster and cheaper route that can bridge the gap and help reduce fees for moving money globally. This is the core of the problem we want to solve.”

Conclusion

The European virtual currency license opens doors for the Roqqu Crypto exchange as it expands its horizon. It is challenging to attain a blockchain license since, even with Roqqu’s high-spec functionality, it took two years to receive the go-ahead for expansion.

Cryptocurrency in Nigeria is already a mainstream activity within the country. Onomor truly believes that by sharing their know-how, they can educate other Africans about the beauty of cryptocurrency. A lack of access to good Internet and financial literacy are the two main concepts that plague the crypto industry.

Also, Read European Union to curb crypto mining to save energy.

Addressing both issues is mainly a job for African crypto exchanges such as Roqqu. Only by genuinely realizing that we have the capabilities of helping ourselves and not relying on others, such as Binance or Ethereum, can we truly move forward.

Will the Roqqu crypto exchange finally initiate the change many could not attain through the blockchain license, or will it be another case of Deja Vu?

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