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Crypto exchange Roqqu receives South African approval to expand operations

April 20, 2023No Comments


Nigerian crypto exchange Roqqu has received regulatory approval to operate in South Africa, allowing users to buy cryptocurrencies and withdraw funds with the country's fiat currency, the South African rand. according to local media reports.

South Africa has been a top priority for Roqqu as the exchange looks to expand its dominance in the African market. In a previous interview with Cointelegraph, the firm ranked South Africa as a focal point for its growth plans, which include reaching 5 million customers by 2023.

Roqqu has its sights set on Ghana, Uganda, Kenya and Tanzania for regional expansion in the near future.

Roqqu claimed to have more than 1.4 million active customers as of January, when it also received a virtual currency license for the European Economic Area, effectively giving it the green light to operate in more than 30 countries. It took two years for the exchange to receive permission from the region's regulatory authorities.

The exchange's strategy focuses on facilitating cross-border transactions through cryptocurrencies, mainly to African countries. According to Roqqu's CEO, Benjamin Onomor, "Africans living and working in the diaspora send more than $5 billion home a year, doing so with a lot of stress and in some cases having to wait days before funds reach their relatives in Africa." He continued: "This is a problem as many families depend on this remittance for critical needs such as food and shelter."

Chainalysis data shows that the Middle East and North Africa is the fastest growing region in the world for cryptocurrency adoption, transacting more than $566 billion in cryptocurrency between July 2021 and June 2022, up 48% from the prior year.

Cointelegraph recently reported that crypto-focused startups from Africa raised $474 million in funding last yearan increase of 429% from the figure of $90 million in 2021. The growth of capital flows exceeded the global average, which only saw a 4% increase in blockchain funding in 2022.

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