Blockchain Startup, Blockstale Launches First Ever Bitcoin ATM in Nigeria

In Brief:

  • Blockstale launches first Bitcoin ATM in Nigeria.
  • According to a source on Twitter, the Bitcoin ATM comes with a paper wallet.
  • The Bitcoin Teller Machine does not accept bank cards. 

If you’re based in Lagos and you’re yet to have a taste of the bitcoin experience, there’s a new Bitcoin Automated Teller Machine (ATM) installed in the city. Nigeria’s bitcoin machine vendor, BlockStale, has finally launched its long awaited first bitcoin ATM in Nigeria.

Bitcoin has garnered serious interest in Nigeria over the years, and the momentum is definitely not slowing down anytime soon. According to recent data from Google Trends, Nigeria ranks as one of the hotspots for Bitcoin, in sub Saharan Africa. A 2019 study by Bitcoin economist, Tuur Demeester, also ranks Lagos as the number one city with the most bitcoin searches in the world. 

With the introduction of a bitcoin ATM in the country’s most populated and vibrant city, there is no doubt that there will be an increase in cryptocurrency adoption. 

Nigeria’s popular Instagram comedian, Woli Arole, amongst other notable names, present in the Bitcoin ATM launching. 

Unlike conventional ATMs, Bitcoin ATMs allow users to buy and sell bitcoin without the interference of a third party. The launching of the ATM places Nigeria amongst the list of African countries with active bitcoin ATMs installed. 

Cryptocurrencies, still not a legal tender in Nigeria

Despite the massive volumes of bitcoin trades in the country, there are still uncertainties as regards the status of cryptocurrencies. Particularly, the Nigerian government is still indifferent in their stance towards cryptocurrencies. As such, digital currencies like Bitcoin, are still not a legal tender.  

Speaking during the launch of the Bitcoin ATM in Lagos, Blockstale CEO, Adekunle Daniel, had this to say:

“I know there is a scarcity of these machines in Nigeria, and that’s why we’re quietly filling the gap, for now. For about three years now, I have been working on blockchain technology and BTMs hardware, software and firmware, most especially.”

The Blockstale BTM or Bitcoin ATM, according to sources on Twitter, claims to come with a paper wallet. This means that one can easily buy Bitcoins, even without a digital wallet. The machine simply prints a barcode which holds the private key to spending the bitcoins. 

Also, the Blockstale Bitcoin Teller Machine(BTM), does not accept bank cards. It only accepts the Nigerian Naira. 

The bitcoin ATM is located in the Dazey Lounge and Bar, Ajah, Lagos. 

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