The Inception And Growth Of Quidax Exchange
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The story of the African Giant dates back to 2016 when the co-founders of the now Quidax Exchange came together to create a platform that would leave a mark in the sand of time, who intended to give this opportunity to as many that would want to be a part of their success stories.
Quidax is a digital assets exchange that allows users to seamlessly buy and sell cryptocurrency with their local currency, with most of its customer base/website monthly visitors coming to Nigeria. The exchange has its headquarters at San Gwann, Malta.
Quidax was co-founded by Buchi Okoro (CEO), Morris Ebiroma (CIO), and Kelechi Steve Onwuka (CBO).
After a successful beta testing that lasted for about three years, the exchange achieved significant milestones, which included processing over $3.2 billion In transactions, serving users in 70 countries and 6 continents.
Quidax was set to launch in 2018, allowing users to buy and sell six cryptocurrencies, expanding to over 20 in the coming months. This would make Quidax the largest exchange operating in Africa by the sheer number of choices available to users. The assets include Ripple, Litecoin, Bitcoin, Ethereum, Bitcoin Gold, and Bitcoin cash.
In January, Quidax announced a brand refresh along with the launch of a simpler and easy-to-use application available on both the play store and app store. Since its launch in 2018, its customer base has grown from 50 customers to over 400,000 customers across 72 countries today. The exchange’s website had about 270.8k monthly visits in January, 151.8k visits in February, and about 219.1k visits in March.
Over the years, Quidax has raised over $3.6 Million in Seed round funding in partnership with Techstars Toronto Accelerator, and majority of the funding(ICO) came last year when the exchange decided to launch its native token, QDX, raising over 7,000 BNB on one of the worst days in crypto last year, after a major dump by Bitcoin from its previous ATH of $62,500 to $30,000.
The Quidax token public sale took place on the 17th of MAY, 2021, with a total supply of 500 million (500,000,000). The exchange also announced that the public sale will be able to purchase only 12% of the total token supply.
It was such a success as it (QDX) sold out in 48 hours of its launch on Julpad Launch pad. Anyone in the world was allowed to participate apart from US Citizens and OFAC Sanctioned countries.
QDX Token was launched on Binance Smart Chain, allowing for only USDT and BNB for the launchpad.
The exchange which has processed over $3.2 Billion in transactions since its inception can boast of a yearly average transaction volume of $800 million, which is well over the figures put down by other CEX in 2020. This we can say, is attributed to the crypto boom Nigeria witnessed in 2020 and 2021. And technically, the bulk of Quidax’s transaction volume was recorded in 2020 and the first five months of 2021. The exchange recorded a 24hr trading volume of $8.6 million, with its highest trading markets being Bitcoin and Quidax tokens.
Quidax is known to charge one of the lowest fees in Nigeria, with zero hidden fees.
Below is a list of fees charged by the exchange:
Naira Deposit Fee: The exchange only charges a fee for local currency when they incur costs to receive your funds.
0.00NGN – 10,000.00NGN = 100 NGN
10,001.00NGN – 100,000.00NGN = 200 NGN
100,001.00NGN – 500,000.00NGN = 500 NGN
500,001.00NGN – 2,000,000.00NGN = 1,000NGN
N.B: NGN- Nigerian Naira
Yet, fee from receiving cryptocurrencies on Quidax is free. However, to send cryptocurrency out of Quidax comes with a fee that is regularly adjusted to the blockchain conditions. Sending cryptocurrencies from a Quidax account to another Quidax account comes with no charges.
Quidax uses two different fee models when it comes to trade fees. A maker-taker fee model.
A maker fee is free, as the person completing your order on the other end pays the fee, while a trader fee comes with a 0.3% fee whenever you remove liquidity by placing a market order.
And lastly on fees, Quidax allows for Instant buying and selling of digital assets. This comes with a 1% service fee charged by the exchange.
The exchange has been building infrastructure that powers crypto-fiat transactions across Africa which means you can now build a crypto application into your product or service powered by its infrastructure. It enables OTC trading and gives fintech companies the tools to offer cryptocurrency services to their customers by integrating with our plug-and-play API.
Before the CBN’s ban on crypto-related transactions, Nigerian investment-tech startup, Trove, added crypto to its asset class, and it revealed Quidax powered the integration, likewise Fliqpay.
Some of the exchange’s goals are to launch several CeFi and DeFi products on Quidax.
The exchange has been working tirelessly on scaling its platform to accommodate even more coins, so a lot more popular coins can be traded, also supporting more businesses looking to offer cryptocurrency services and help drive its education and adoption in Africa.