Block Stale CEO invents first Bitcoin ATM in Africa

A Lagos, born and based inventor, Chief Executive Officer of Block Stale, Adekunle Daniel, Friday, unveiled the first ever Bitcoin Automated Teller Machine (ATM) in Africa just as it urged the federal government to make Crypto Currency (Bitcoin) a legal tender in Nigeria. Unveiling the machine in Aga area of Ikorodu, Lagos State, he said this will go a long way to eliminate money laundering which has tarnished the image of some eminent Nigerians. The Ikorodu indigene said the currency is digital, operates independently and can be used for all business transactions globally.

According to him, the currency is legally accepted in the United States, China, Japan, United Kingdom, Canada and other developed countries as a means of payment and settlement, hence, it should be considered for a legal tender in Nigeria. He said, “if Bitcoin can be instrumental in these countries, how much more in Nigeria where there is little or no infrastructure”? The inventor who enumerated the benefits associated with Bitcoin especially now that Covid-19 had ravaged the global economy said, it operates on less charges, eliminates money laundering, allows for cryptographic proof in lieu of trust, and reduces printing of traditional currencies which contributes towards inflation and eliminates unnecessary spendings,”

He said Nigeria has the largest number of crypto currency users unfortunately, absence of Bitcoin ATM has negative effects on most of their international transactions. He said, “statistics have shown that Africa, precisely Nigeria has the highest number of crypto currency traders but no Bitcoin machine. Meanwhile, some vendors with ill intentions take advantage of this lapses to rip vulnerable traders and that is why I took it upon myself to design the Bitcoin ATM to build trust among traders.” In his contribution, the Chairman BeepMagnet Dr. Gilead Okolonkwo said the use of Bitcoin will proffer solution to various trading challenges in Africa.