Coinazer: From Concept to Conquest in Africa's Crypto Frontier

Coinazer: From Concept to Conquest in Africa's Crypto Frontier

By Staff Writer, 02 April 2024

In the tumultuous landscape of the cryptocurrency market, Coinazer made its debut in late 2022, a period marked by the FTX crash and the decline of TerraLuna.

At a time when interest in digital currencies waned, the timing seemed unfavorable. However, against the odds, the startup managed to carve out a path of growth, a testament to its inherent value, according to Founder and CEO Johnpaul Achigonye.

Achigonye, formerly a researcher at the global blockchain company Polygon, conceived the idea for Coinazer during his tenure.

His inspiration stemmed from the challenges he encountered while converting his salary, paid in MATIC crypto tokens, into the local Nigerian currency, the naira.

This was during 2020, prior to the implementation of the crypto ban by the Central Bank of Nigeria, which catalyzed the rise of peer-to-peer (P2P) crypto trading.

Reflecting on the difficulties of P2P trading during that period, Achigonye remarked on the potential losses for those unfamiliar with market dynamics.

Motivated by this, he developed a protocol to facilitate the seamless conversion of crypto coins into various African fiat currencies.

This protocol evolved into Coinazer, which has since expanded its services beyond mere currency conversion.

Although comparisons to industry giants like Coinbase may seem premature, Coinazer has made significant strides for a company just two years into its journey.

With over $4 million in transactions processed and a user base spanning seven countries, including recent expansion into Brazil, the company demonstrates promising growth potential within the African cryptocurrency market.

Source: Bolu Abiodun / TechPoint Africa

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