With the current inflation rate and depreciation of the Naira against the US dollar, Nigerians form part of the majority of those steering the wheels for cryptocurrency adoption globally. According to a report by Kucoin, a cryptocurrency exchange, about 33.4 million Nigerians trade or own virtual currencies including Bitcoin, Ethereum, and Tether. Hence, Nigeria’s ranking as one of the top 10 countries where crypto is gaining ground should not come as a surprise.
The use of cryptocurrency comes with a plethora of benefits. Two of these include: banking the unbanked and creating streams of passive income.
According to the World Bank, only 69% of the adult population globally have bank accounts. This means the remaining fraction lack access to certain financial tools such as low-interest loans, international funds transfer, credit cards, etc. And the idea of cryptocurrency is aimed at bridging this gap by democratizing finance.
Besides democratizing finance, blockchain, and cryptocurrency serve as a means of generating passive income through staking, liquidity provision, and incentivization or airdrops.
A bulk of crypto users in Nigeria are familiar with these passive income streams. But there is a new sheriff in town – Cashout.
Cashout presents an opportunity for crypto users to start a Bitcoin for Naira exchange all for free. This means you can start this business without any form of liquidity or capital.
Cashout has a simple business model. The platform is designed to provide you with incentives for knowing people who intend to trade their Bitcoin for the local Naira.
Launching your exchange business on the Cashout platform is quite easy following the steps outlined below:
The Cashout platform comes with intrinsic benefits such as: