Following the increasing adoption of cryptocurrencies and blockchain technology in Nigeria, a tech company, BlockStale, has launched the first-ever bitcoin Automated Teller Machine (ATM) in Lagos.
The Chief Executive Officer of Block Stale, Adekunle Daniel, at the launch explained that the ATM was specially designed for easy usage of naira to bitcoin and bitcoin to naira in Nigeria.
He also noted that the machines were built with industry-standard components to give ease and convenience to anyone trying to start a BTC machine business in Nigeria without any basic programming knowledge or for users looking to trade bitcoin with cash in Nigeria without allowing them worry about hardware or back end problems.
According to him, the invention was part of the desire to eliminate the technicalities associated with Bitcoin transactions.
Daniel urged the government to embrace cryptocurrency as a legal tender and key into the idea of digital currency and Blockchain technology in Nigeria.
He said, “With this innovation, Nigeria ranks eighth in the world to experience the evolution of Bitcoin ATM which has brought global recognition to the country and Africa. Bitcoin is a digital currency that operates independently across national boundaries and sectors, which can be used as a form of trade, investment, payment and settlement.’’