Blockstale BTM installs First Bitcoin ATM in Nigeria

Blockstale, blockchain software and standard hardware company in Nigeria, has installed the first Bitcoin ATM in Nigeria. The Bitcoin ATM was installed in the Dazey Lounge and Bar in Lagos.

The Bitcoin ATM is an advance version of the conventional ATMs, facilitating users to trade bitcoin using fiats with utmost ease and convenience. The company is developing these ATMs in partnership with a Shenzhen, China-based technology firm.

Nigeria has the highest trading volume for cryptocurrencies in Africa. It is also the continent’s largest economy with the biggest population. However, it is not the first country to launch a Bitcoin ATM. Before, seven countries have established Bitcoins ATMs in the continent.

Co-founded by Daniel Adekunle Omoshola and Adeyiga Oluseye Daniel in 2017, Blockstale wants to increase the presence of bitcoin in the country with the introduction of the new machine. 

“The BTM had been on the ground since the first week of December 2019,” disclosed Omoshola. “I know there is a scarcity of these machines in Nigeria, and that’s why we’re quietly filling the gap, for now.” Despite the massive popularity of bitcoin in the country, the lack of ATMs made it difficult to utilize fully. “We are excited to welcome more tech companies into the BTM space as Blockstale has made history in Nigeria and Africa at large,” he continues. “We hope this great innovation structures our economy and opens more opportunities to our youths and other business owners,” the CEO said.

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