Nigerian crypto exchange Roqqu has received a virtual currency license for the European Economic Area, after two years waiting for permission from regulatory authorities. The move allows the company to operate in 30 countries and expand its services within one of the largest crypto markets in the world. Speaking with Cointelegraph, the company said that it seeks to attract early traders looking to gain an advantage in the crypto space by offering a better experience. for newcomers and competitive rates. With the expansion, Roqqu plans to reach more than 5 million users by 2023, up from 1.4 million users in Nigeria, the only country the exchange operated in until the license was granted. Among the African countries where the exchange plans to provide services in the coming months include South Africa, Ghana, Uganda, Kenya, and Tanzania. Africans living abroad have sent more than $5 billion a year to relatives back home, Cointelegraph Roqqu CEO Benjamin Onomor said. In some cases, remittances can take days before reaching their destination. It makes a lot of sense to solve this problem using crypto as a vehicle, crypto is a faster and cheaper route that can bridge the gap and help reduce fees on the movement of money. globally. This is the core of the problem we want to solve.” Over the years, cryptocurrency adoption has grown in Africa. According to data from Chainalysis, the Middle East and North Africa (MENA) region is the fastest growing in the world, with users transferring $566 billion in cryptocurrency between July 2021 and June 2022, an increase of 48%. compared to the previous year. Related: Nigeria revises its payments landscape amid slow eNaira adoption “It went from being perceived as a scam or another form of Ponzi scheme to one of the most sought after asset classes in Africa,” Onomor commented on the evolution of the industry in Africa. Among the challenges facing the crypto community in the region are “lack of access to good internet or even any form of internet in general, low financial education and lack of technical knowledge,” Onomor said. For cryptocurrency startups, a lack of software management tools and unclear regulatory guidelines are major hurdles. Onomor also noted: “One of the most beautiful things about the cryptocurrency industry is that it is a world of endless opportunities. With every challenge they face, crypto startups find a way to innovate around them.” Nigeria is the most populous country in Africa and one of the most prominent crypto centers in the region. As Cointelegraph reported, Nigeria’s first Bitcoin Lightning Network (LN) node recently launched, strengthening the continent’s connection to Bitcoin’s Layer 2 payments network. Its central bank is also examining the adoption of blockchain technology to power a central bank digital currency (CBDC).