The Nigerian cipher exchange Roqquu won the digital currency license plate in the European Economic area after three years of approval from regulators. The move allows the company to expand in 30 countries and expand its services in one of the world's largest password sales markets.

In an interview with Cointelegraph, the company said it is looking to attract early traders who want to gain an edge in the password industry based on potential fees and stronger feelings for newcomers.

With its expansion, RoqQu hopes to reach 5 million customers by 2023, more than Nigeria's 1.4 million customers. Nigeria is the only country in which the exchange operated before obtaining a license. The exchange plans to provide services to African countries in the near future, including Brazil, Cameroon, Uganda, Australia and Tanzania.

RoqqueCEO Benjamin Onomo told Cointelegraph that Africans living at home and abroad send more than $5 billion to friends and relatives in their hometown every year. Under some conditions, it may take several days for the remittance to reach its destination. O'Nomore said:

It makes sense to use passwords as a special tool to solve these problems. Data encryption is a quick and cheaper route that can eliminate this difference and help reduce asset transfer costs around the world. This is also the fundamental contradiction they want to overcome.

Over the years, the adoption rate of digital currency in Africa has increased to some extent. According to Chainanalysis, the Middle East and North Africa are the fastest growing regions in the world, with customers winning $566 billion in digital currencies between July 2021 and June 2022, an increase of 48 per cent over the previous year.

"the Ponzi scheme, which is called a scam or another, has become one of the hottest asset classes in Africa," Mr Onomo commented on the evolution of the African field. "

Onomo said that the problems faced by the password community in the region include "lack of good Internet technology, or even any form of Internet technology, lack of financial knowledge and ability, and lack of technical secrets." For password start-ups, the lack of mobile software visualization tools and the lack of strict regulatory guidelines are important obstacles. Onomo also mentioned:

One of the best things about cryptography is that it is a world of endless opportunities. For every test, password startups find a way to get around it.

Nigeria, the most populous country in Africa, is one of the most famous password cores in the region. Nigeria's first worldwide BTC lightning node has recently been put into operation, strengthening the connection between the African mainland and the BTC layer 2 payment Internet, according to Cointelegraph. The people's Bank of China is also analyzing the selection of blockchain applications to increase the momentum of the central bank's digital currency.