PowerDFI, a Blockchain financial startup based in Wyoming, has acquired Naijacrypto, a Nigerian-owned cryptocurrency platform that initially targeted African markets.
Naijacrypto is a cryptocurrency exchange that offers cryptocurrency spot trading, staking, cryptocurrency-backed loans, and numerous other blockchain-based services. It aims to close financial inclusion gaps by facilitating traditional financial activities through the blockchain.
Tim Webb, CEO of PowerDFI, commented on the acquisition, saying, “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions of assets over the next decade.”
“We are poised to lead the $57 trillion shadow banking market to blockchain in order to improve transparency and security,” he added.
The company recently expanded its offering to include multiple African countries as well as the United Kingdom, is one of the few exchanges with a presence in the Caribbean, and has expressed interest in expanding to other Latin American countries.
Despite Naijacrypto’s expanding geographical scope, it appears that PowerDFI’s primary interest in Naijacrypto is its vast growing technical infrastructure, which has been streamlined to meet not only retail but also B2B use cases.
According to Chiagozie Iwu, CEO of Naijacrypto, the exchange was transitioning to a business model that would disrupt the financial markets while still retaining aspects that had kept its users loyal for years.
According to him, even if many structured products are made available on the exchange, stablecoin-based remittance instruments will continue to serve their original purpose and will be enhanced by the support PowerDFI can provide.
He went on to say that Naijacrypto was planning to leverage its already extensive B2B networks to provide hedge instruments to businesses and individuals exposed to currency risk.