Episode 37 of the Public Key podcast is here! In this episode, we talk with co-founders Michael Adeyeri (CEO & CTO) and Moyo Sodipo (COO & CPO) of Busha, one of the fastest-growing cryptocurrency exchanges in Nigeria, about challenging access to fiat and the gray area of crypto regulations in Nigeria.*It is noted that Busha is a Chainalysis customer.
You can listen or subscribe now on Spotify, Applegold Audible. Keep reading for a full preview of episode 37.
Public Key Episode 37 preview: Crypto and stablecoins help support businesses faced with capital restrictions in Nigeria
If you’ve read the Chainalysis 2022 Global Crypto Adoption Index, you might have noticed that Nigeria has been rapidly climbing the charts when it comes to grassroots adoption of cryptocurrency.
In this episode, Ian Andrews (Chief Marketing Officer, Chainalysis) is joined by co-founders Michael Adeyeri (CEO) and Moyo Sodipo (Chief Product Officer) of Busha, one of the fastest-growing digital asset platforms in Africa. They go in-depth about Nigerians’ challenges in accessing currencies like the dollar and euro and how cryptocurrency and stablecoins enable an alternative international payment solution.
The co-founders describe the current crypto regulatory landscape in Nigeria and explain why adoption in the country is far from just speculation and how remittances and facilitating business operations are a top priority for many Nigerians.
Quote of the episode
“So we’re just sort of self-regulated and that’s why we have partners like Chainalysis as well, so that whenever the SEC or any regulator is ready to come on board with cryptocurrency, we know that we’ve been properly prepared from day 1. Compliance wise, AML wise and we can also educate them and let them know that look, even though we were not regulated, we regulated ourselves and we had the systems in place from day 1.” – Moyo Sodipo (COO & CPO, Busha)
Minute-by-minute episode breakdown
- (2:15) – How early days of figuring out alternative value transfer solutions turned into Busha’s thriving African cryptocurrency exchange
- (4:19) – How Busha was able to provide consumer-centric concierge services to their user base and grow in Nigeria
- (7:15) – Dealing with banking challenges in Nigeria as a cryptocurrency service provider
- (13:59) – The emergence of Nigeria’s CBDC, the eNaira, and the place it has in the digital asset landscape of Africa
- (15:01) – Demystifying the Central Bank of Nigeria (CBN) decision to ban cryptocurrency and the current state of crypto regulations
- (19:00) – Why NFTs aren’t as popular in Nigeria and surrounding regions
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
Speakers on today’s episode
*It is noted that Busha is a Chainalysis customer.
This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.