The largest nation in Africa has already accepted the first Bitcoin ATM.
Bloc stale BTM, the company that built the A+TM in the Lagos state's Dazey Lounge and Bar, plans to launch over 30 more terminals across Nigeria.
"Given all the legal questions regarding cryptocurrencies in Nigeria, Nigerians are the top cryptocurrencies traders in Africa," chief executive and CEO of Blockstale, Daniel Adekunle, told local media on April 1.
Adekunle has established its Bitcoin ATMs in collaboration with a Shenzhen, China-based tech company.
Nigeria Besides being home to Africa's highest trading rate, Nigeria is the eighth nation on the continent to host a Bitcoin ATM — with Blocks tale’s making up Africa's 15th.
South Africa has seven crypto-ATMs, Ghana hosts two, while Botswana, Djibouti, Kenya, Uganda while Zimbabwe each have one terminal, according to CoinATMRadar.
With Nigeria comprising the largest economy and population in Africa, the country's first Bitcoin ATM can serve as a signpost for wider continental adoption. Coinstale's terminal is also the second West African Bitcoin ATM.
Nigerian Local Bitcoins amount declines after KYC overhaul
Recent days have seen over 220 Bitcoins, or $1.38 million, on Local Bitcoins in peer-to-peer (P2P) trade between the BTC and Nigerian Naira.
However, after the P2P site improved its KYC specifications during September 2019, Nigerian local Bitcoins has dropped by around 50 percent.
Nigerian 'Coin' searches for key developments in Google
Nigeria also regularly tops Google's searches for 'Bitcoin' — driving almost twice as much traffic as the second-ranked nation, Austria, Google Trends says.
Four of the top five rated nations are African for 'Bitcoin' queries — with South Africa and Ghana ranking third and fourth, respectively.