#Digital Assets #Nigeria #Lagos #stablecoin #Quidax

Quidax Expands Stablecoin Infrastructure

Quidax, recognized as Nigeria's first digital assets exchange with a provisional license from the Securities and Exchange Commission (SEC), has made a significant advancement by expanding its stablecoin infrastructure. This enhancement spans more than 21 countries and includes support for 14 currencies, offering startups, fintechs, and global enterprises a seamless means of transferring value across Africa and other key international markets.

In the current financial landscape, Africa faces immense challenges regarding cross-border payment efficiencies, which reportedly result in an annual loss of $5 billion due to high fees and lengthy processes. For instance, when a business in Accra, Ghana makes a payment to a counterpart in Durban, South Africa using traditional banking channels, the transaction often routes through a correspondent bank in Europe. This convoluted route can take up to 7 days and charges fees up to 13% of the total transaction amount. This cost significantly exceeds the global average of 6%, highlighting the urgent need for a more efficient solution.

Quidax addresses this critical issue with its robust, compliant infrastructure, which enables cross-border payments to be settled in under 48 hours without the need for correspondent banks. The transaction costs incurred are lower than the global average and align with the United Nations Sustainable Development Goal target of 5%. Buchi Okoro, the CEO and Co-Founder of Quidax, underscores the motivations behind this initiative by mentioning, "Africa is home to the world's fastest-growing economies, yet individuals and businesses pay an 'African border levy' every time they move money across the continent. Our compliance-first stablecoin infrastructure was created to eliminate that fee and promote a financial ecosystem without borders."

Being at the forefront of digital currency regulation in Africa, Quidax is among the select few exchanges operating directly under securities legislation on the continent and is actively pursuing licensing opportunities in several strategic global markets. The recent expansion is designed to support several key African nations, including Nigeria, Ghana, Kenya, Tanzania, Rwanda, South Africa, Ethiopia, Cameroon, and Côte d'Ivoire. Furthermore, the services extend beyond Africa's borders and now include Canada, China, the UAE, the UK, the USA, and various European countries.

Quidax's infrastructure accommodates major stablecoins such as USDT, XAUT, and USAT, as well as 14 local and international currencies, including the Nigerian Naira, Ghanaian Cedi, Central African and West African CFA Francs, and the US Dollar. This broad compatibility positions Quidax as a crucial player in the payment landscapes of Africa and beyond, enabling numerous startups and enterprises across diverse sectors, including payments, remittance, gaming, and banking.

In this expanding ecosystem, Quidax partners with some of the most significant names in the industry, such as Tether—the world's leading stablecoin issuer—and Chainalysis, recognized globally for its blockchain compliance standards. This collaboration allows Quidax to enhance the security and efficiency of its services continuously.

Quidax's vision is clear: it aims to transform the way value is sent across borders, contributing to a more integrated financial community. This expansion is not merely about technology; it represents a leap toward a more connected financial future for individuals and businesses in Africa and around the globe. If you're interested in learning more about Quidax and its offerings, visit Quidax's website.