Quidax, the African cryptocurrency exchange, marked a milestone this week as the company celebrated its fifth anniversary.
As announced on its blog and social media pages, Quidax is celebrating its fifth anniversary by offering free Naira deposits and withdrawals to all customers. This is between August 1st and 8th.
The exchange, which has grown to become one of the largest on the continent, is hitting this mark as interest in the crypto market picks up again. This follows impressive gains in Bitcoin and several major altcoin prices.
Quidax was founded in 2018 by Buchi Okoro, who has served as the company’s Chief Executive Officer to date. Together with Uzo Awili and Morris Ebieroma – Quidax’s technology lead and Chief Information Officer, respectively – Okoro built the company into one of the most trusted names in the African crypto market.
Today, the exchange processes millions of dollars in trading volumes, catering to hundreds of thousands of customers – either via its traditional exchange, or its over-the-counter (OTC) exchange for businesses and high-net-worth individuals who meet its capital requirements.
Like many companies in its space, Quidax was also forced to innovate as 2022 came along. The year marked one of the harshest bearish periods in crypto market history, with most coins seeing double-digit drops in value.
In addition to this, the collapse of several major players in the market forced the remaining companies to adapt.
A Dollar Savings product launched by Quidax in September 2022 was one of the company’s biggest moves.
For customers concerned about the crypto market downturn, Quidax explained that Dollar Savings would provide a suitable alternative.
This platform allowed customers to hedge their funds in the event of an especially bearish market in 2022.
They could easily save in Dollars, protecting their money from inflation and earning up to 10% in annual returns.
This year, Quidax also announced a new feature that allows customers to send USD to their Domiciliary accounts.
The USD Withdrawal feature allows anyone to convert their local currency into US Dollars, and directly send the USD to any Domiciliary account without having to go through a bank.
Now, the company caters to different customer bases, offering a reliable and safe hub of financial services.
The anniversary of Quidax occurs at a time when interest in the cryptocurrency market is beginning to grow. Cryptocurrencies have experienced a resurgence in 2023 following a bear market in 2022.
The market’s most valuable asset, Bitcoin (BTC), has seen a 43% year-to-date price increase, while Ethereum (ETH), the world’s second-most valuable cryptocurrency, has seen a 25% increase.
The resurgence of crypto costs hasn’t slipped by everyone’s notice by Nigerians by the same token.
The Chainalysis Worldwide Crypto Reception File fixed Nigeria in the eleventh position universally for crypto reception in 2022, however the nation is supposed to break into the main 10 this year.
As additional Nigerians hope to get to digital currencies – whether for exchanging, speculation, or exchanges – Quidax has ended up being a dependable stage for them.
Additionally, the company’s firm commitment to providing superior services has not changed as it approaches its fifth anniversary.