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After about a year of struggles, 2023 saw coin prices edge up once more. And for most active investors, this was only a sign that coin prices would skyrocket going into this year.
Well, 2024 is here, and even the most ardent market participants would admit that the year has so far been a bit of a mixed bag. Coin prices have indeed risen, with Bitcoin (BTC), the market’s leading asset, up by 31.2% year-to-date. Still, for investors who are used to outsized gains, these performances aren’t overwhelming.
“So far, 2024 has been a relatively good year. Investors still want more gains, of course, but they also understand the market’s new dynamics. Right now, our focus is to ensure that customers can get the best services at all times,” said a top official at Exchanger101 - a Lagos-based crypto exchange platform.
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Exchanges focused on expansion
Speaking with reporters, the exchange official, who responded under the condition of anonymity, laid out some of the ways through which Exchanger101 has been able to meet customer demand.
“We believe that no one knows how best to serve customers like the customers themselves. And as long as we listen to them, we understand their wants and can meet them right there.”
Exchanger101 makes it easy for customers to trade cryptocurrencies and gift cards. Recently, the company announced an overhaul of its platform, with the new upgrade headlined by the listing of the Solana (SOL) token.
“SOL is one of the most popular coins in the market. The crypto market historically rallies towards the end of the year, and as 2024 winds down, we believe this will be one of the coins to watch. So, it made sense for us to list it now.”
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Besides its SOL listing, Exchanger101 also announced a set of upgrades to its platform’s user interface. These include the introduction of a revamped referral program, the expansion of its weekly and monthly trading competition system, and several new upgrades to its main app.
Regulatory wins For Crypto Companies
While many investors anticipate gains going into the end of the year, crypto companies can also point to some progress being made on the regulatory front.
Following the lifting of 2021’s controversial ban on banking services, Nigeria’s Securities and Exchange Commission (SEC) last week granted provisional crypto licenses to Quidax and Busha as part of its accelerated regulatory incubation program (ARIP).
The program, which was initiated by the regulator over a year ago, seeks to strategically on-board firms that offer crypto trading services. As the SEC explained in its release, several other companies in the space have applied to the ARIP initiative, and their applications will be vetted on a case-by-case basis as they meet its requirements.
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This development at least shows some progress being made on the regulatory front. And as crypto companies work with regulators going forward, there are increased prospects of achieving clarity concerning the legal status of digital assets in Nigeria.
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