One of the major crypto exchanges in Africa, Quidax, has raised over $3 million on May 19 through the sales of its token, QDX which is based on the BEP-20 protocol.
Quidax seems to be one of the first crypto exchanges that focus on the BEP-20 protocol and supports tokens built on the protocol. The sale of the tokens also shows that the crypto craze seems to have caught on in Africa as well. This augurs well for the future of the crypto industry and it bolsters the claim that cryptocurrencies are for the masses.
The fact that this sale happened on the worst day for the crypto trading market when the prices of almost all cryptocurrencies fell by over 30% and still the sale managed to generate so much for interest should also be a source of huge encouragement for the people behind the exchange.
The company recently announced that it has processed over $3 billion worth of transactions since its beginning in 2018 and it is also reported that the company would use its tokens and the funds collected for its global expansion plans.
The exchange will also be listing other tokens like BNB, Shibu, and DOGE as well and as part of its roadmap, it would be allowing its users to stake their tokens for airdrops of all the tokens that get listed on the exchange.
Africa, especially Nigeria, is a big and growing market for crypto and blockchain as a whole. Nigeria has always been at the forefront of embracing technology when it comes to the African continent and the reports continue to come from the country about the growth of crypto and the increase in trading volumes.
It is also noted that the governments there are also open-minded when it comes to business and technology and so the companies are encouraged internally and those companies from outside are welcomed as well. The economy of these countries continues to grow in recent years with peace being given a chance by the various governments and this has also helped the countries there to prosper.
This has led to an aspiring middle class that is interested in trading and investments and that is why we are seeing surging volumes in the crypto exchanges in that region over the last few months, a trend that is also seen in other parts of the world and is also in line with the increase in prices of cryptocurrencies which naturally lead to an increase in interest.