Africa'southward largest country has welcomed its start Bitcoin ATM.

Blockstale BTM, the company that installed the ATM in the Dazey Lounge and Bar in Lagos state, plans to launch more than xxx more terminals beyond Nigeria.

"Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to exist the highest crypto traders in Africa," Blockstale's chief executive and founder, Daniel Adekunle, told local media on April i.

Adekunle developed his Bitcoin ATMs in partnership with a tech firm based in Shenzhen, Communist china.

Nigeria welcomes Africa's 15th Bitcoin ATM

Despite being home to the largest trade volume in Africa, Nigeria is the eighth country in the continent to host a Bitcoin ATM — with Blockstale'south comprising the 15th in Africa.

Co-ordinate to CoinATMRadar, South Africa is home to seven crypto ATMs, Ghana hosts ii, and Botswana, Djibouti, Republic of kenya, Uganda and Republic of zimbabwe each have a single final.

With Nigeria comprising Africa'southward largest economy and population, the country'southward first Bitcoin ATM may be a signpost for broader adoption beyond the continent. Coinstale'southward terminal is only the second Bitcoin ATM in West Africa.

Nigerian LocalBitcoins volume drops afterward KYC overhaul

Recent weeks have seen roughly 220 Bitcoins, or $1.38 million worth, of peer-to-peer (P2P) merchandise between BTC and Nigerian Naira on LocalBitcoins.

However, Nigerian LocalBitcoins has dropped by roughly fifty% since the P2P platform strengthened its KYC requirements during September 2022.

Nigerian 'Bitcoin' searches top Google Trends

Nigeria likewise consistently tops Google searches for 'Bitcoin' — driving nearly twice the traffic every bit the second-ranked land, Austria, according to Google Trends.

3 of the top five ranked nations for 'Bitcoin' searches are African — with South Africa and Ghana ranking third and fifth respectively.