Roqqu, a cryptocurrency exchange based in Nigeria has made an announcement about receiving a new operating license.
The exchange officials have confirmed that the license has been acquired to operate in the European Economic Area (EEA).
Roqqu to Operate in EEA
The teams at the exchange revealed that they had applied the request for approval for a long time at the EEA. However, they had not received any update from there pertaining to the approval.
As per the executives, they had been waiting for two years for approval but they did not get any. Finally, the situation has worked out in their favor and they have received the license from the EEA.
They had applied for the virtual currency license and they have finally received it, allowing them to expand their business in the EEA.
The regulatory authorities have granted them the license and now, they will be able to target users based in a particular territory.
With the approval, the Nigerian exchange will be able to operate in multiple countries based in the European region.
The report confirms that they will have access to 30 countries where they will offer services in the EEA. Europe is among the largest markets when it comes to cryptocurrencies.
Therefore, it is a huge deal for the officials if their exchange gets to operate in a particular region. They will be able to offer their services to millions of users open to cryptocurrency adoption.
Roqqu Wants to Go Big
The officials at the exchange recently shared their plans with the reporting firms from the crypto industry.
They revealed that they always wanted to gain worldwide recognition to bring their brand name to an international level.
They never launched the exchange thinking that they would stick to providing services in Nigeria.
They wanted to gain worldwide prominence and for this purpose, they want to compete with the largest crypto exchanges in the world.
They want to offer very competitive fees and other kinds of payment structures so they can compete with other major exchanges.
They are confident that they will be able to attract many investors to their side from the EEA. They will eventually compete with all major exchanges already operating in the region.
They always wanted to increase their influence in the cryptocurrency market and the EEA will allow them to make it happen. Now, they have the opportunity to target newcomers from the EEA and offer them their services.
According to Roqqu, they currently have a user base of 1.4 million that is based in Nigeria. With their expansion to the EEA, they will have the opportunity to expand their business.
They will have an edge and an opportunity to increase their user base. In the running year, they are aiming to increase their user base more than three times. Their target is to increase the user base to over 5 million.
Expansion in Africa
In addition to expanding the services to the EEA, they are aiming to increase their services to the African region.
As per the exchange officials, they want to expand their services to Tanzania, Kenya, Uganda, Ghana, and South Africa. These are the major countries in the African continent wanting to gain more exposure in crypto.
Statement by Benjamin Onomor
The CEO at Roqqu stated that on an annual basis, more than $5 billion are sent back home by millions of Africans. The remittances that they send take several days to reach their destination.
On top of that, it costs a lot for the remittances to be processed. This is where cryptocurrencies come in offering great help to people in sending money back to their homes instantly and at very low costs.
Their goal is to make their services available all over the world so everyone has access to them. This way, they will be able to send funds back to their homes at very low costs.