thecoinrepublic.com
Bitget Wallet has now become the number one most downloaded application in the Nigerian App Store, displacing other apps such as TikTok and WhatsApp. This is following one of its major competitors OKX pulling out the Nigerian market.
Alvin Kan, the COO of Bitget Wallet told associates that the application is the most downloaded in general and finance categories in the Apple App Store. It is also among the most downloaded finance applications on the Google Play Store for Android users.
Nigeria’s wallet user base increased by 233% in June, demonstrating the increasing adoption among local crypto enthusiasts. This is because Bitget Wallet offers extensive services, which include support for various mainnets and other crypto assets. Besides, It has features for asset management, trading tokens, interacting with the NFTs, and many more.
A huge shoutout to our #BitgetWallet fans in Nigeria! 🇳🇬
— Bitget Wallet 🩵 (@BitgetWallet) July 24, 2024
We hit #1 on the App Store with a 233% user boost! 🎉
Our seamless #TON support and #Web3 newbie-friendly app are helping Nigerians get in on the action!
We're just getting started – more to come with us 🩵 pic.twitter.com/uw0J1JOqK6
Bitget Wallet Security and User Engagement
The security of Bitget Wallet is one of the primary reasons why users trust the platform and continue using it. As stated by Kan, the wallet has security features that include the use of Flashbots integration to avoid MEV attacks, multiparty computation, and account abstraction. These features are backed by a $400 million risk protection fund which Bitget also shares with its exchange service.
The platform’s strategic focus exploits new opportunities in The Open Network environment. This approach consists of unique ways of interaction, for example, Telegram mini-games that turned out to be effective in acquiring and maintaining a wide audience in Nigeria and other regions including Southeast Asia, Europe, and Russia.
Nigeria Regulatory Environment
OKX, a cryptocurrency trading platform, has followed other companies in pulling out of Nigeria. OKX stopped operations in Nigeria due to legal issues and has asked its clients to withdraw their funds by August 16, 2024.
This follows heightened scrutiny of crypto firms in the country, which has also impacted other firms. Binance shut down the peer-to-peer trading system and left the Nigerian market after being accused of forex manipulation. Therefore, two Binance employees, Tigran Gambaryan and Nadeem Anjarwalla, were apprehended.
However, there has been a push in Nigeria to foster a home-grown fintech ecosystem. It recently introduced an annual training for 1000 Nigerians in AI and other areas like blockchain. The government has also provided financial support to micro, small, and medium enterprises to promote innovation and technology.
In addition, Bitget Wallet in its quest to expand its market in Nigeria still ensures that it complies with the global standards in handling customers’ data.