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AAX Trends

AAX Reports Progress From Grassroots Cryptocurrency Adoption Campaign in Nigeria

AAX Reports Progress From Grassroots Cryptocurrency Adoption Campaign in Nigeria

Press Room

08 Sep 2022

AAX Naija organized dozens of events for members of local crypto communities, including an “I can trade” program held in 10 Blockchain Nigeria forums with over 500 attendees. AAX provided free trading classes for the participants, allowing them to familiarize themselves with the use of digital assets.

September 8, 2022 — AAX Exchange (AAX) is successfully increasing awareness of digital assets in Nigeria through its AAX Naija initiative, a local subsidiary of the exchange in the country.

AAX Naija (a local term for “Nigerian”) found fertile ground since beginning its outreach in February 2022. In the past six months ,the exchange reached 6,500 like-minded individuals through a series of offline campaigns, including educational meetups, campus visits and conferences.

Community Engagement:

AAX Naija organized dozens of events for members of local crypto communities, including an “I can trade” program held in 10 Blockchain Nigeria forums with over 500 attendees. AAX provided free trading classes for the participants, allowing them to familiarize themselves with the use of digital assets.

Campus Visits:

The bulk of the effort went into university campuses across the nation, with AAX Naija reaching 23 campuses. Students received an introductory course to Bitcoin and its benefits, with most of them having heard of it but without investigating further.

Conferences:

AAX has also partnered with leading Nigeria Blockchain conferences such as Cyberchain Uyo, OAU SUG Week, and SIBAN P2P conference.

Following the awareness campaign, the exchange saw a significant growth in user base, attracting over $1 million in exchange deposits, 70% of which were invested in the AAX Savings product. AAX Naija now serves approximately 3000 active traders who have generated a cumulative $4 million in trading volume.

With a young and dynamic population, an underdeveloped banking sector, and high barriers to cross-border trade, Nigeria has become one of the most promising emerging markets for cryptocurrency adoption. According to a Forrester survey commissioned by AAX, Bitcoin and cryptocurrency users from African countries, including Nigeria, often cited non-speculative uses such as remittance, cross-country money transfers, and wealth storage.

Nigeria’s central bank has a long-standing ban on commercial banks from dealing in transactions with crypto exchanges can be seen as hindering adoption. However, regulatory setbacks have had little impact on digital asset adoption and trading activities.

Peer-to-peer trading has become popular, with AAX Naija’s own P2P market recording over $500,000 in volume.

To date, Nigeria has proven itself to be a receptive and extremely promising market for cryptocurrency adoption. AAX events consistently attract a strong audience, with usual attendance of over 1500 people, and the exchange plans to double down on its efforts to facilitate the inevitable wave of crypto mass adoption in the country.

“We view the so-called emerging markets, or should we say ‘high-potential markets’ as the primary site for the adoption of bitcoin and digital assets, primarily because in these countries the need for digital assets beyond just speculation is usually the greatest,” said Ben Caselin, VP of Global Marketing and Communications at AAX.
“With all the team and the campus ambassadors, you can feel the pure impact our work delivers for Nigeria. We are delighted with our progress in just several months — many more to come for the region,” said Anton Gulin, Global Business Director.

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About AAX

AAX is a top-tier digital assets exchange that caters to a global audience, with a vision of bringing the benefits of digital assets to everyone. Through an accessible range of products and by contributing to the conversation about digital assets and culture, we aim to empower the estimated 96% of people worldwide who do not yet own Bitcoin and other digital assets to build better and more inclusive economies.

Favored by more than three million users in over 160 countries, AAX is the first exchange to use the Satoshi Standard (SATS) to drive the adoption of Bitcoin. We are also the first to be powered by LSEG Technology, offering high-yield savings packages, 200+ spot pairs, deeply liquid futures markets, regular discounts on major tokens and a range of on- and off-ramp products.

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