CoinCorner partnership with Bitnob downplayed the prevailing crypto winter hindering global crypto adoption. Executives drawn from the two crypto firms lauded the partnership as presenting users with a secure alternative to complete cross-border remittance in multiple fiat currencies.
Burden of Third-Party Intermediaries in Cross-Border Remittance
CoinCorner admitted that cross-border remittance to Africa often relies upon third-party intermediaries, such as Western Union, dependent on centralized entities.
Executing Europe-to-Africa remittance involves mandatory processing times to complete. CoinCorner’s executive admitted that parties relying on such conventional intermediaries incur expensive cuts in facilitation fees.
CoinCorner projects that teaming up with Bitnob is timely given the World Bank approximations that remittance to Sub-Saharan Africa exceeded $40 billion in 2020. The CoinCorner representative indicated Nigeria was the dominant destination as it received half the funds.
Benefits Drawn from the Bitnob Partnership
The executive reaffirmed that partnering with Bitnob will enable its UK users to access the Bitcoin Lightning Network to execute outbound transactions destined for recipients in three African countries. Bitnob representative during the announcement indicated that CoinCorner users from Europe could use the Send Globally feature to remit their desired British pounds (GBP) and Euros (EUR) to recipients in Kenya, Nigeria, and Ghana. The Bitnob executive clarified that recipients could access the funds in their respective currencies, including KES, NGN, and GHS.
Bitnob executive in the brief presentation confirmed the application converts all funds into Bitcoin (BTC). He added that recipients could convert the BTC into their desired currency. Besides bank accounts, the recipients can also deposit the amount into their mobile money wallet.
Borderless Bitcoin Overcomes Remittance Challenges
Remittances into Africa have always attracted endless debate with the affected parties concerned about the high cost imposed by intermediaries. CoinCorner chief executive Danny Scott echoed the sentiments indicating Africa represents a vast remittance market. Scott highlighted the universal nature of BTC as a borderless channel to remit money globally. He added that Lightning Network made the process instant and less costly.
Scott referred to the Statista data that ranked Nigeria among the leading recipients of remittances in 2021. He added that World Bank indicated the Sub-Saharan African region accounted for 14.1% of the total funds remitted worldwide.
CoinCorner-Bitnob Partnership is Strategic to Africa Market
Scott lamented that four in every five countries had imposed barriers to entities that could execute remittance-related services. The exclusion impeded the entry of firms such as CoinCorner.Further, the exclusivity denied finance access to individuals who deserved it most.
Scott acknowledged that cryptos prevalence in Africa is set to overcome the protectionist policies. He noted that North Africa is witnessing increased adoption.
Scott quoted Chainalysis’ recent findings that North Africa matched Middle East growth in crypto adoption. Such is evident in September’s efforts by the Nigerian government to team up with Binance in establishing a special economic zone. Chainalysis observed similar actions in Ghana, a country set to replicate crypto adoption in Kenya and Nigeria.
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