The excitement surrounding the crypto market as 2024 began was palpable.
MARKET OUTLOOK:
After a challenging 2023, which saw coin prices struggling, 2024 has brought a renewed sense of optimism. Bitcoin (BTC), the market’s leading asset, has risen by 31.2% year-to-date. However, for those accustomed to more significant gains, this performance may seem modest.
“So far, 2024 has been a relatively good year. Investors still want more gains, of course, but they also understand the market’s new dynamics. Right now, our focus is to ensure that customers can get the best services at all times,” said a top official at Exchanger101, a Lagos-based crypto exchange platform.
EXCHANGES FOCUS ON EXPANSION:
Exchanger101 is addressing customer demand with significant updates. The company has recently overhauled its platform, including the listing of the Solana (SOL) token, a popular cryptocurrency anticipated to perform well as the year progresses.
“SOL is one of the most popular coins in the market. The crypto market historically rallies towards the end of the year, and as 2024 winds down, we believe this will be one of the coins to watch. So, it made sense for us to list it now,” the official explained.
Additionally, Exchanger101 has introduced several platform upgrades, including a revamped referral program, expanded trading competitions, and enhancements to its main app.
REGULATORY WINS FOR CRYPTO COMPANIES:
On the regulatory front, progress is being made. Following the lifting of the 2021 ban on banking services for crypto transactions, Nigeria’s Securities and Exchange Commission (SEC) recently granted provisional crypto licenses to Quidax and Busha. This move is part of the SEC’s accelerated regulatory incubation program (ARIP), which aims to onboard firms offering crypto trading services.
The ARIP program is a significant step towards regulatory clarity for digital assets in Nigeria. The SEC has indicated that more companies in the space have applied to the initiative, with applications being reviewed on a case-by-case basis as they meet the program’s requirements.
LOOKING AHEAD:
As the crypto market continues to evolve, the combination of market recovery, innovative exchange platforms, and regulatory progress offers a promising outlook for Nigeria’s crypto companies and investors.