Bitcoin was founded just than a decade ago, bringing with it the digital ledger known as block chain. BTC, short for Bitcoin, was the first crypto currency ever established and is still by far the most popular and valuable crypto money today. Despite the constant buzz surrounding bitcoin, ethereum (ETH), and other digital currency, most people are unfamiliar with crypto currencies and the breakthrough block chain technology that drives them.
Africa’s crypto currency business grew by more than $100 billion in the last year, positioning Africa as a viable investment target for the crypto market in the next years. Africa is the world’s second most populous continent, with an estimated population of 1.4 billion people. However, Africa’s underdevelopment of infrastructure has made it a perfect destination for crypto currency, which only requires a smartphone and an internet connection to have access to block chain networks, as well as basic crypto understanding.
Apart from infrastructural constraints, Nigerian youth are another cause for Bit coin’s wide adoption. With more than 75% of its population under the age of 35, the majority has turned to cryptocurrency for business, to secure their money, and to transmit payments abroad. Despite the hurdles that are expected to halt crypto currency trading in Nigeria, the crypto market continues to develop. Many African developers have produced various crypto trading apps in Africa to facilitate crypto trading, each with its own unique set of goals.
Enoyoze Jerry, the founder of the Coinrency, is a perfect illustration of how Nigerian youth are creating and finding new uses for Cryptocurrency in both their personal and professional lives. Coinrency, a crypto AI, was developed as an alternative to traditional finance that is permissionless, borderless, and open to anyone. Simply put, they want everyone to be able to do crypto transactions without the use of a middleman, obtain the best prices, and have their naira in their bank accounts in the quickest amount of time. Coinrency is an artificial intelligence trading program that allows you to link your bank account data to a crypto wallet address. When you receive crypto using your generated wallet, your crypto will be converted to Naira and delivered to your linked bank account in real-time even if you are not connected to the internet.
Despite being founded in 2020, Coinrency has seamlessly carried over 5 billion naira worth of transactions in this short time, while ensuring that everyone can do it themselves. The vision of Enoyoze Jerry, the company’s founder and CEO, is to ensure that Crypto to Naira transfers are quick and simple. Coinrency has established a wonderful team with Joseph Momoh, the Creative Director and Marketing Strategist, to ensure that transactions are easy and that consumers grasp the value they have to give. Because of the numerous advantages over existing financial systems and innovations such as cryptocurrency, the currently small crypto currency sector in Africa will grow in the future.