The Good Tech Companies - From Frustration to Innovation: How Buchi Okoro Built Nigeria's Leading Crypto Exchange

Starting point is 00:00:00 This audio is presented by Hacker Noon, where anyone can learn anything about any technology. From frustration to innovation. How Buchi Okoro Built Nigeria's Leading Crypto Exchange by Ashan Pandey. Imagine trying to buy a bitcoin, only to find yourself frustrated at every turn. For Buchi Okoro, this wasn't just an inconvenience, it was the spark that ignited a fintech revolution. As Nigeria rides the crest of Africa's crypto wave, Okoro's brainchild, Quiddix, stands tall as the nation's first SEC-licensed crypto exchange. But how does a journey through real estate, investment banking, and even fashion lead to reshaping Africa's digital economy? In this exclusive interview, Okoro peels back the

Starting point is 00:00:42 layers of his entrepreneurial odyssey, revealing the grit, innovation, and vision propelling Africa into the global crypto spotlight. Buckle up as we dive into a world where traditional finance collides with blockchain technology, and a new financial frontier emerges in the heart of Africa. Ashant Pandey. Hi Butchie Okoro, it's a pleasure to welcome you to our Behind the Startup series. Could you elaborate on what inspired you to build Quiddix, Buchi Okoro? First of all, thank you for having me, now, to answer your question. Quiddix started off the back of a negative experience I had when I tried buying Bitcoin

Starting point is 00:01:18 a couple of years ago. Similarly, one of my co-founders, who was a developer at the time, had been receiving BTC from his employer, but had no way to convert it to Naira. So, we saw the SACHALLENGES in the Nigerian crypto market and were inspired to provide a solution. Ashan Pondi, your journey spans diverse industries like real estate, investment banking, fashion, and logistics. How did these experiences shape your entrepreneurial vision, particularly in founding Quiddix, Bucciacoro, one thing tying all of my experiences is money,

Starting point is 00:01:56 finance? Weatheritis, how do you intelligently finance real estate projects in an economy where all purchase is 100% down payment or a fashion retailer participating in global commerce and getting paid, it was near impossible back then. Through these experiences it was easy to see how crypto can help solve a lot of these problems and bridge the financial gap between Africa and the rest of the world. Ashan Pondi. How has the Nigerian SEC played a pivotal role in supporting QuedaX's growth, especially as the first SEC-licensed crypto exchange in Nigeria? Buchi Okoro. First of all, I'd like to commend the SEC for cooperating with USTO set a solid foundation for cryptocurrency growth and adoption in Nigeria. The license highlights the potential of the crypto industry in Nigeria, averting any negative sentiment that may have existed prior.

Starting point is 00:02:40 Now, more Nigerians can explore due to the regulator's involvement. Ashan Pondi. What do you believe will be the impact of Quiddix on Nigeria's economy? Especially with more people using cryptocurrency for everyday transactions? Buchi Okoro. Nigeria already established itself as Africa's top crypto economy. Now that more people will potentially turn to crypto for investments and other reasons, the broader economy will benefit from crypto through employment opportunities, research in blockchain, investment and people trading crypto. And so, many of the new market entrants, who are going to likely be beginners, will have a platform that holds their hands as they navigate

Starting point is 00:03:18 the crypto space. Ashan Pandey. What do you think is the ideal regulatory approach to ensure crypto innovation while protecting consumers? Buchi Okoro. I think the best approach is dialogue. Like we've been doing with the regulators, clear guidelines around crypto trading and investing are important. These with effective consumer protection measures will make the sector transparent, secure, and safe for all the involved parties. Ashant Pandey. How do you think the emergence of a regulated crypto exchange like Quiddix can influence other African nations' stance on cryptocurrency? Buchi Okoro

Starting point is 00:03:52 Nigeria is often regarded as the giant of Africa and is one of the largest crypto markets in the world. A crypto exchange like Quiddix getting regulated by the authorities is a clear message that the African crypto landscape is evolving. Ultimately, other neighboring countries will catch up with the trend and we'll likely see more regulated African crypto exchanges. Ashan Pondi. What role do you see Quiddix playing in bridging the gap between traditional finance and decentralized finance, DeFi, in Africa? Buccia Coro. As a centralized exchange that adheres to regulatory standards, Quiddix can provide traditional investors who are cautious about regulatory issues an avenue

Starting point is 00:04:30 to access the decentralized finance market securely and legitimately. These investors can also find opportunities to trade various traditional and decentralized currencies. Ashan Pondi. What advice would you give to African entrepreneurs looking to build in the cryptocurrency space? Buchi Okoro. It's still day one and various opportunities remain untapped. As the regulatory landscape evolves it is time to build impactful cryptocurrency projects that solve real world problems and we are ready to partner with startups and entrepreneurs looking to create these solutions. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our

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The Good Tech Companies - From Frustration to Innovation: How Buchi Okoro Built Nigeria's Leading Crypto Exchange

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