Nigerians’ transactions in digital assets within July 2022 and June 2023 are more than N56.5 trillion. It is noteworthy that Nigeria maintained a frontline role in the adoption of cryptocurrencies in the world.
Besides being ranked second in the global adoption index by Chainalysis and the country with the most Bitcoin search interest, another report by Consensys concludes that nearly all Nigerians have heard about cryptocurrencies. With this, the nation has again proven and maintained its continent-giant status in digital asset transactions and adoption.
However, a good chunk of these transactions in Nigeria, Africa, and the world at large exists at the entry and exit points of fiat and cryptocurrencies, the on-ramp and off-ramp markets, without seeping through the cracks on the adoption barricades into our day-to-day transactions. Against this, the Finna Protocol’s mission and vision, among other things, is to make stablecoins the second nature of settlements. Since people already choose to hold it as a store of value, an infrastructure that enables day-to-day transactions in this blockchain-backed asset is in order.
Finna protocol builds a multi-utility ecosystem for stablecoins in payments, collateralization, and remittances. This infrastructure is making it a critical tool for introducing and integrating other stablecoins & other digital assets into the African Web3 market.
On the 17th of November, Lars Seier Christensen, the chairman and founder of Concordium, a permissionless science-backed layer one blockchain, balancing accountability and privacy with an ID layer and Zero-knowledge proof technology, had a closed-door meeting with some of the biggest OTC and P2P traders in Nigeria. The meeting was about integrating EUROe, a new Euro-backed stablecoin issued on the Concordium blockchain, into the African market.
The discussion surrounding the opportunities and challenges of this new stablecoin integration was co-hosted by the co-founder of Finna Protocol, Adebayo Juwon, and this positions Finna Protocol to play a crucial role in this objective, leveraging the network of these Nigerian top-shot traders for a massive push of the new Concordium-backed stablecoin and other digital assets.
Coincidentally, these events are happening just after Finna Protocol announced the soft launch of its flagship product. These Stablecoin-backed fiat loans have seen significant interest from their target market.