A handful of stakeholders in the Nigeria cryptosphere have reacted to the recent announcement of Binance Naira-to-crypto gateway.
The new gateway provides access to its Nigerian users to purchase cryptocurrency with Naira in partnership with Flutterwave, a Nigeria based global payment technology company.
CBO of Binance backed startup- Yellow Card, Munachi Ogueke told eBlockbuzz that the new gateway will bring in more liquidity and tighter spreads which cannot be found on most local Exchanges.
“Binance is a big name, the govt may decide to pay more attention now to the industry,” concluded Munachi.
Per a chat with eBlockbuzz, the Chairman of Nigerians self-regulatory blockchain body- Stakeholders in Blockchain Association of Nigeria (SIBAN) Paul Ezeafulukwe welcomed the introduction of trading pairs pegged to the Naira on Binance, which he perceived to be a win-win for all in the ecosystem.
“For Regulators and Law enforcement, this excites me because having the biggest exchange offer Naira trading pairs would afford regulators and law enforcement the opportunity to interface with Binance, learn from their vast experiences outside and develop a more robust framework in pushing forward local content participation and help track unwholesome and dubious participants.” Says Paul.
The Publicity Director of Cryptography Development Initiative in Nigeria(CDIN), Kunle Taiwo believes that the new Binance gateway would put local exchanges on their toes.
“Bilding solutions for people to be able to purchase and trade cryptocurrencies with local currency is a step closer to proving the people with equal access to the global financial market place,” Kunle tells eBlockbuzz via an online chat.
Celebrating the new listing, all newly registered users who deposit Naira to the exchange through Flutterwave will enjoy zero fees for deposits upto to N36,000 ($100).
Meanwhile, the CEO of KureCoinHub- a Nigeria based Cryptocurrency exchange, Abikure Tega called out Flutterwave for turning down their proposal but entered into a partnership with Binance.
eBlockbuzz is currently taking steps to reach Flutterwave and will update this article whenever.