Roqqu, the Nigerian cryptocurrency exchange, has made a major move in the crypto industry by obtaining a virtual currency license from the European Union (EU). This license allows Roqqu to offer its services to users in 28 European countries, including non-Nigerians. This development positions Roqqu as one of the first digital asset exchange platforms from Africa to expand into Europe.
According to Israel Ololade, the head of product at Roqqu, the EU license aligns with the brand’s ambition to become the top blockchain and crypto company globally. In addition, the expansion into Europe creates a channel for Nigerians in the diaspora to easily send remittances to their family and friends in Nigeria.
Why Did Roqqu Decide to Expand into Europe?
In a statement, Roqqu explained that its decision to seek a Eurozone license was influenced by the fact that Europe lags behind in terms of cryptocurrency adoption. With an average adoption rate of only 27%, the statement argues that European crypto exchanges often come with complicated user interfaces and high fees, which can be barriers for early traders who want to participate in the crypto market.
Roqqu CEO Benjamin Eseoghene added that the expansion into Europe was also motivated by users who requested that the exchange make its services available to their friends and family members living and studying abroad. It seems that Roqqu’s customer base recognized the need for more accessible and user-friendly crypto exchanges in the European market.
What Does the EU License Enable Roqqu to Offer?
The EU virtual currency license allows Roqqu users to trade digital currencies and participate in the non-fungible token (NFT) market. This opens up new opportunities for Roqqu users to engage with the crypto market and expands the exchange’s reach beyond Nigeria.
The NFT market, in particular, has gained significant traction in recent months and is expected to continue growing. NFTs are digital assets that represent ownership of a unique item or asset, such as a piece of artwork or a collectible. They are stored on a blockchain and can be bought and sold just like traditional assets. Roqqu’s inclusion in the NFT market allows its users to get in on the action and potentially profit from the buying and selling of these unique digital assets.
What Does the Future Hold for Roqqu?
Roqqu’s expansion into Europe with the acquisition of an EU virtual currency license marks a significant milestone for the Nigerian crypto exchange. Not only does it allow Roqqu to offer its services to a wider audience, but it also positions the company as a pioneer in bringing African digital asset exchange platforms to the European market.
As cryptocurrencies continue to gain mainstream acceptance and adoption increases, it’s likely that more exchanges will follow Roqqu’s lead and expand into new markets. It will be interesting to see how Roqqu fares in the European market and if it can live up to its goal of becoming the top blockchain and crypto company globally.
One thing is certain – the acquisition of an EU virtual currency license is a bold move that demonstrates Roqqu’s commitment to expanding its reach and offering its services to a diverse range of users. It’s a move that will likely pay off in the long run as the crypto market continues to grow and evolve.
Is Europe Ready for a Nigerian Crypto Exchange?
While Roqqu’s expansion into Europe is a significant achievement, it’s worth considering whether the European market is ready for a Nigerian crypto exchange. After all, Europe is known for having strict regulations and a sophisticated financial system, so it’s possible that some European users may be hesitant to use a crypto exchange from a different continent.
However, it’s important to note that Roqqu’s EU virtual currency license means that the exchange has met all of the necessary regulatory requirements to operate in the European market. This should give users confidence in the exchange’s legitimacy and security.
In addition, Roqqu’s decision to expand into Europe was motivated in part by the fact that European crypto exchanges often have complicated user interfaces and high fees, which can be barriers for early traders. If Roqqu can offer a more user-friendly and cost-effective platform, it could potentially attract a large number of users in Europe.
Finally, it’s worth considering the fact that the crypto industry is a global one, with users and exchanges located all around the world. It’s not uncommon for users to use exchanges from different countries, as long as they offer the services and security that users are looking for. In this sense, Roqqu’s expansion into Europe may not be as unconventional as it seems.
Conclusion
Overall, Roqqu’s acquisition of an EU virtual currency license and expansion into Europe is a major milestone for the Nigerian crypto exchange. It positions Roqqu as a pioneer in bringing African digital asset exchange platforms to the European market and allows the exchange to offer its services to a wider range of users. While it remains to be seen how well Roqqu will perform in the European market, the exchange’s commitment to expanding its reach and offering user-friendly and cost-effective services suggests that it has a good chance of success.
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