SEC Approves Quidax and Busha as legally Authorized Crypto Exchanges in Nigeria
Nigeria's Securities and Exchange Commission (SEC) has granted provisional licenses to crypto exchanges Quidax and Busha, recognizing them under the Accelerated Regulatory Incubation Program (ARIP).
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What Went Wrong? A Deep Dive into Buycoins Pro's Crumble
Nigeria’s SEC licensing of Quidax and Busha legally authorises them to carry out crypto trading.
MaxAB and Wasoko Finalize All-Stock Merger, Aiming to Lead Africa’s B2B eCommerce Market
What Went Wrong? A Deep Dive into Buycoins Pro's Crumble
We’ve recently released a detailed case study on the story of BuyCoins Pro—a once-promising product that unexpectedly shut down in Nigeria’s cryptocurrency market.
The story began on October 1, 2017, with the launch of Bitkoin by Timi Ajiboye and Ire Aderinokun, designed to tackle cryptocurrency trading challenges in Africa. Bitkoin quickly evolved into BuyCoins by July 2018, expanding its offerings and securing $120,000 in seed funding.
By 2019, BuyCoins was processing millions in trade volume, and in 2020, it had grown its user base to over 16,000, achieving a trade volume of over $140 million. In its fourth year, the company rebranded as Helicarrier, which became the parent company. Under Helicarrier, BuyCoins Pro was launched as an advanced order book for professional traders, alongside other products.
However, despite its remarkable progress, BuyCoins Pro's journey took an unforeseen turn between December 2023 and March 2024. What caused this unexpected shutdown? What lessons can be learned from BuyCoins Pro's journey? Read the case study on our blog.
Nigeria’s SEC licensing of Quidax and Busha legally authorizes them to carry out crypto trading
Although Nigeria accounts for over 60% of the continent's crypto adoption and trade volume, this marks the first crypto license issued in the country.
This move aims to make crypto trading more transparent for Nigerians. This also shows that the government is paying closer attention to crypto activities, especially peer-to-peer trading.
Mr. Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), praised the licensing, calling it a "significant milestone".
The SEC also admitted four companies to test their models and technology under its Regulatory Incubation Program. The Commission emphasized that only approved digital exchanges and platforms are legally authorized for crypto trading in Nigeria.
MaxAB and Wasoko Finalize All-Stock Merger, Aiming to Lead Africa’s B2B eCommerce Market.
MaxAB, an Egyptian B2B eCommerce startup, and Wasoko, a Kenyan eCommerce platform, have completed an all-stock merger. The founders, Daniel Yu, CEO of Wasoko, and Belal El-Megharbel of MaxAB, shared with TechCabal that the merger will establish the new entity as Africa’s top digital B2B e-commerce retail platform.
Wasoko, founded in 2016, aims to transform access to essential goods and services for businesses across Africa, focusing on the retail sector. MaxAB, established in 2018, connects suppliers with underserved retailers and offers a range of financial solutions.
This merger stands out as one of the most notable private deals in Africa and will be co-led by both founders and will include existing investors, The new entity will serve over 450,000 merchants and supply essential goods to more than 65 million consumers across eight African countries. This merger combines Wasoko's East African merchant network with MaxAB's expertise in B2B beverage supply in North Africa.
Contrary to earlier claims of MaxAB holding a controlling interest, Yu told TechCabal that both companies contributed nearly equal stakes to the new entity.
The B2B e-commerce sector in Africa has faced challenges, with other funded companies like Copia Global shutting down this year. Nevertheless, with the merger, Yu and El-Megharbel are optimistic about overcoming their companies' struggles and improving their position in the competitive B2B e-commerce landscape.
Did you know?
According to Baker McKenzie, the value of mergers and acquisitions (M&A) deals xin Africa surged to $82 billion in 2021, a dramatic rise from just $27 billion in 2020.
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