Nigerian Crypto Exchange Roqqu Gets European Union Virtual Currency License


The Nigerian crypto exchange Roqqu recently announced that it obtained a virtual currency license that allows it to offer its services in 28 European countries. According to Israel Ololade, the head of product at Roqqu, the European Union license “aligns with the brand’s drive to become the number one blockchain and crypto company globally.”

Crypto Adoption Lags Behind in Europe

The Nigeria-based cryptocurrency exchange Roqqu was recently granted a European Union (EU) virtual currency license, enabling it to offer its services to users in 28 European countries, a statement released by the firm has said. The license allows Roqqu users, including non-Nigerians, to trade digital currencies as well as to participate in the non-fungible token (NFT) market.

According to the statement, the crypto exchange’s EU license means Roqqu is one of the first digital asset exchange platforms from Africa to expand into Europe. In a statement, the Nigerian crypto exchange also shared a few reasons which influenced its decision to seek a Eurozone license.

“In our research, we found that Europe needs to catch up in terms of its global average of cryptocurrency adoption. They crawl globally with an average of 27%. European crypto exchanges come with more complicated user interfaces and high fees, making it difficult for early traders to participate in crypto as much as they want,” the statement said.

In a recent interview with Bitcoin.com News, the crypto exchange’s CEO Benjamin Eseoghene suggested the decision to expand into Europe was been influenced by users who asked Roqqu to consider making its services “available to their friends and family members who live and study abroad.”

Meanwhile, Israel Ololade said the EU license “aligns with the brand’s drive to become the number one blockchain and crypto company globally.” In addition, Roqqu’s expansion into Europe opens a channel that allows Nigerians in the diaspora to seamlessly send remittances to family and friends in Nigeria, Ololade added.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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