Last week the Naira fell massively at the peer-to-peer market; Dollar to Naira rate hit N581/$1.
The state of the Naira reminds me of the Titanic, it’s sinking and we need lifeboats. From the look of things, crypto currency could be one of our lifeboats.
It’s no news of how Nigerians are thriving in the blockchain industry. In 2021 there were about 13,016,341 crypto owners in Nigeria, according to TripleA statistics.
Emerging companies are now seeing the need to make blockchain the new normal in Nigeria. With Bitpowr, they might be able to scale.
What exactly is Bitpowr?
The state of the Naira is already complicated enough, so let’s make this very easy to understand. First, it is not a fintech company like Flutter wave or Piggyvest, it is a blockchain wallet.
This simply means that businesses that would like to use cryptocurrency to buy and sell can create a wallet with Bitpower.
The Application Programming System (API) is designed for crypto based businesses to thrive without doing much thinking or spending. API is a software intermediary that allows two applications to talk to each other.
Oyetoke Tobi, the CEO of Bitpowr told Nairametrics;
“I was trying to make people integrate crypto payments on their website so I created a simple crypto wallet that helps you create and manage Bitcoin wallets and also accept crypto payment.
It came out well and made work easier for me so I decided to turn it into a service to help people,”
Turns out, his trial changed the game and tossed the dice in the favour of not just businesses but fintech companies.
The API is available to Fintech companies who want to build exchanges or peer-to-peer platforms.
What is Btrust saying?
It might be easy to forget the Btrust team everyone was squabbling about a month ago. They are obviously not done with the spotlight. Their statements indicate there is still more coming. Khali Abubakar one of the Nigerians on the team says;
“My primary goal is to see that the bitcoin ecosystem in Africa is grown. There is a huge deficit of developers on the bitcoin ecosystem whereas there are lots of talented developers here in Africa and the global south.
With Btrust we have funding now and we are decentralising the developer pool supporting the developers in these regions.”
A ray of hope?
Startups like Bitpowr are coming up in the nick of time. Nigerians do not have many options, at this point anything would suffice.
Business owners are brainstorming on how to meet up in the midst of this chronic inflation. Blockchain is now the alternative platform for businesses to thrive in nigeria.
We need not look too far because the game is changing right before our eyes. If it’s not Jack Dorsey’s Btrust team, then it’s Tobi’s Bitpowr or NestCoin and the likes. Nigerians are paving the way and our Titanic may be sinking but we have lifeboats.