- Obiex Finance experienced a 200% growth in user base and a 600% growth in transaction volume within the same year.
- At the end of 2021, the African crypto exchange closed with 16,506 users with a transaction volume of $600 million.
- Chief Technology Officer Chidozie Ogbo stated that over $2.7 million in transactions were processed with the card feature before its suspension in the third quarter.
As the tragic crypto crash slowly fades from the minds of crypto traders worldwide, it is clear just how resilient Africa’s crypto market truly is. Most organizations and crypto exchanges significantly suffered under the harsh circumstances brought on by the FTX crash. Most top cryptocurrencies lost nearly half their value, while some crashed in 2022. However, this is not the case, especially in Africa’s digital currency adoption rate. Obiex Finance, an African crypto exchange, have significantly represented its continent after recording a 600% growth rate in 2022. The same year that most of the crypto industry crashed. This showcased the brilliance of African blockchain innovators and the true potential of Africa.
Who are Obiex Crypto Exchange
Everyday African blockchain innovators founded Obiex Finance, which initially began as a mere project. Ikechukweu Okeke and his co-founder, Chidozie Ogbo, first built a single-page off-ramp platform called Otc.paylot.co. The main initiative of the project was to help merchants and business owners within Africa to access off-ramp crypto. Despite its discrete nature, it found fame within Africa’s crypto market. As a result, these African blockchain innovators were able to successfully garner the attention of critical investors and figureheads who aided them in transforming the Oct.paylot.co into Obiex Africa Exchange.
Soon after, the platform received hundreds of new Nigerian crypto traders who significantly contributed to its improvement. Okeke and Ogbo transformed the platform into a fully automated instant off-ramp service to support its newfound users.
This African crypto exchange thrived exponentially within its first few months until its operations received a significant roadblock when CBN banned regulated financial actors from supporting crypto platforms. This initiative, however, did not deter these African blockchain innovators. The pursuit of financial freedom and dominance of Africa’s crypto market burned like wildfire within the heat of these two young men. This zeal and enthusiasm eventually bore fruit as Obiex Africa transformed into Obiex Finance.
Africa’s crypto market was the core building block for Obiex finance as its functionalities catered to the various problems each user faced like:
- numerous technical entry barriers
- zero hedging services
- delayed network confirmations,
- constant restrictions of funds without cause
- unfriendly support systems
It soon became evident that other crypto exchange platforms were a gamble for most African crypto traders. The possibility and risk of crypto scams and crypto hacks were too high when dealing with high-valued crypto exchanges. Thus Obiex Finance already had a significant reputation from Obiex Africa, offering a safer alternative. This father propelled this African crypto exchange to greater heights, and soon what was a small company grew exponentially quickly.
In 2022, Obiex Finance did a total 360-degree turnover as its competition consistently complained about the impending crypto winter crisis. According to Okeke, Africa’s crypto market is a lucrative venture that most platforms are unaware of.
Obiex Finance, the fastest-growing African crypto exchange, reaped from 2022.
Many within the global crypto industry understood the turmoil that was in 2022. Many crypto exchanges had to shut down entirely, while others had to cut their staff members in half. Luno, a popular crypto exchange in South Africa, experienced a significant loss as its London Branch had to cut 35% of its staff to cushion itself from the impending crypto winter. Nestcoin and Kraken are but a few crypto exchanges that received significant damage.
However, Obiex Finance had the opposite experience within the market as it experienced a 200% growth in user base and a 600% growth in transaction volume within the same year.
Highest rate yet
At the end of 2021, the African crypto exchange closed with 16,506 users with a transaction volume of $600 million. By the time 2022 came to a close, it had grown its user base by over 30,000 with a transaction volume of $3.6 billion. An astounding amount, significant since almost 45% of the total global crypto exchange plummeted due to the FTX crash.
According to its African blockchain innovators, one of the major factors that significantly contributed to this rise was its Virtual dollar card. This innovation allows users to fund their cards with crypto and pay for services worldwide. Digital currency adoption in Africa, specifically Nigeria, rapidly decreased due to this invention.
Chief Technology Officer Chidozie Ogbo stated that over $2.7 million in transactions were processed with the card feature before its suspension in the third quarter.
Fortunately, there are plans to reinstate the card within the first quarter of 2023.
Also, Read Africans join the US$21.5 billion NFT party.
Obiex Finance significantly boosted digital currency adoption in Africa by providing the means that allow crypto users to benefit from crypto directly. Today Africa’s crypto market can enjoy facilities that allow you to purchase airtime or data and pay for your electricity and cable bulls using your digital currency. Obbiex finance offers these features and much more.
According to the African blockchain innovators, Obiex Finance remained unaffected due to the FTX crash.
Africa’s digital currency adoption rate is steadily recovering, thanks to exchange platforms such as Obiex Finance. Its initiative to cater to Africa’s crypto market has allowed it to take advantage of the loopholes and the chaos and rise above the rest. Obiex is the perfect example of the might and wit of African blockchain innovators and its crypto ecosystem.