Boundless Pay founder Franklin Peters spoke on a panel about the value of African trade at the Digital Assets Summit by SiBAN.

He described how he founded the cryptocurrency exchange BitFXT to enable Nigerians to transact using their national currency.

He described how users in Nigeria resorted to trading digital assets through WhatsApp groups (with the admins serving as escrows) in the early days of the adoption of cryptocurrencies. However, there were serious hazards associated with this informal strategy.

By the end of 2015, according to Franklin, the Nigerian crypto community had seen a number of exit scams in which the administrators of these WhatsApp groups stole the money of participants.

He decided to act and create an exchange platform to offer a safer and more regulated environment for bitcoin trading in response to this worrying trend.

However, the platform experienced substantial adjustments as the Bitcoin ecosystem continued to develop. He said that with the rise of international behemoths like Binance, BitFXT has to modify its offerings to cater to local consumers’ demands and concentrate on simplifying payments.

CBN Prohibition and the Development of Boundless Pay

The platform has expanded and been successful, but Peters described a big upheaval that happened in 2021. Banks have been ordered by the Central Bank of Nigeria (CBN) to stop integrating with cryptocurrency exchanges like BitFXT.

The nation’s crypto business faced a substantial barrier as a result of this regulatory obstacle. He pointed out that Boundless Pay was created through a process of construction and adjustment in response to market realities.

He continued by saying that African-based exchanges are significant because they not only empower local users but also because these platforms are made to meet the particular demands of local users, who could have certain particular needs that are different from those of international participants.

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