Bitcoin’s Confirmation Woes Forge Obiex: A Nigerian Crypto Revolution
Navigating the cryptocurrency landscape in Africa has historically been a challenge. African traders faced slow transaction confirmations, volatile prices, and platforms designed for more developed markets. These issues were particularly acute for individuals dealing with significant trading volumes. Delays in Bitcoin confirmations, which can take just ten minutes, could result in substantial losses due to rapid price fluctuations, costing traders thousands of dollars in potential profit.
The Untapped Market for African Crypto Professionals
Most existing African crypto platforms primarily serve retail users, leaving professional traders underserved. This disparity is particularly striking considering the substantial crypto activity in Sub-Saharan Africa. The region saw over $200 billion in on-chain transactions between July 2024 and June 2025. However, the majority of these transactions were for amounts below $10,000, highlighting the limited infrastructure available for larger-scale trading. Traders managing larger volumes were often caught between retail-focused local platforms and global exchanges that were unfamiliar with regional payment methods. In 2017, adoption was also an issue. Crypto barely existed beyond WhatsApp and Telegram groups. Most people had never heard of Bitcoin; those who had were sceptical, given the lack of regulations and trusted products.
The challenges highlighted above served as the catalyst for the creation of Obiex, a Nigerian crypto startup.
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