Luno, the global cryptocurrency platform, has announced that customers can now buy Ethereum on its exchange using Nigerian Naira. Previously, it was only possible to buy Ethereum in Nigeria using Bitcoin or through Luno’s instant-buy option.
Ethereum has become a very popular cryptocurrency in Nigeria. In fact, activity on cryptocurrency exchanges in Nigeria suggests there is higher Ethereum liquidity in the local market than in South Africa and that the 24-hour volume of cryptocurrency markets in Nigeria is highly competitive.
A recent survey of cryptocurrency awareness in Nigeria found that Ethereum was only second to Bitcoin as the most well-known asset among cryptocurrencies in Nigeria. Thirty percent of people surveyed said they owned Ethereum, compared to 80 percent for Bitcoin, 23 percent for Bitcoin Cash and 22 percent for Litecoin.
Ethereum is a public, peer-to-peer network or blockchain with its own cryptocurrency called Ether. Created by Vitalik Buterin in 2014, Ethereum was designed to be a platform on which smart contracts can be built and run. Many experts view Ethereum as more than just a cryptocurrency and foresee a world where a wide variety of applications are built and run on the Ethereum blockchain. It is the second largest cryptocurrency by market cap, and its practical applications are vast in comparison to others.
Marius Reitz, General Manager for Africa at Luno, says Nigerians are increasingly aware of the various benefits and applications of Ethereum, and cryptocurrencies in general. “As a result, making it easier, cheaper and faster for Nigerians to buy and sell Ethereum will only serve as a catalyst for connecting more people to these benefits and applications. We are excited to be at the forefront of making this happen.”