Adekunle Daniel, Chief Executive Officer of Block stale -a Bitcoin Teller Machine vendor recently made headlines in Nigeria on account of his historic feat of being the first Nigerian to design the First Bitcoin Teller Machine in the country specifically tailored for Africa.
The young entrepreneur who is pioneering this great innovation to enhance businesses in Nigeria recently shed light on his innovation and its potentials for Nigeria’s economic development to The Top10 Magazine.
It’s our pleasure meeting with you, may we know who Adekunle Daniel is an what is your organization, Blockstale is all about?
My name is Adekunle Daniel, the designer and developer of the first bitcoin Automated Teller Machine in Nigeria. Blockstale is a blockchain startup that focus on intuitive software and hardware components to solve real time global financial problems.
How does it feel being the first person to launch the first Bitcoin ATM machine in Nigeria?
Well, I find it interesting pioneering this great innovation in Nigeria and Africa at large, sequel to analysis, Nigeria has the highest trader of crypto in Africa and we are over populated so this is a great opportunity for Blockstale to scale up.
Tell us about it and how does it work?
The ATMs simplifies what bitcoin really is, by providing users a seamless, secure and convenient exchange of Naira to bitcoin & Bitcoin to Naira without any fear of getting scammed.
What informed your decision to venture into cryptocurrency trading considering the fact that it is not recognised by the Central Bank of Nigeria?
I have been trading digital assets since 2009, my experience as a trader made me enthusiastic about digital assets however, we are going into a brave new world where everything would be digitalised.
Since the trade is not approved by CBN, many people are bound to be skeptical about the business, what do you have to say to those that are skeptical about the business?
Just as the internet came, people were skeptical so every new technology comes with critics. Recently, this invention and little achievement has made the Federal Government of Nigeria want to set a framework for Bitcoin according to a press release by the Attorney General.
Do you intend to approach the CBN for necessary approval one day?
Of course, thats the essence of all the press conference I’ve been organising.
What is the security guarantee of your invention?
Blockchain technology is the most secure innovation that the world is about to experience, we developed our system using this technology so it is 100% guaranteed.
Since cryptocurrency is still evolving, how do you intend to raise level of awareness for it to go beyond the present?
By conducting webinars, podcasts , media awareness and word of mouth orientation.
How will you rate the contribution of cryptocurrency trading to Nigeria’s economic development?
Well according to analysis, Nigerians traded almost $60M during the pandemic lockdown, this means that Nigerians have been busy trading and cashing out on crypto currencies while some businesses were shut down, so cryptocurrencies has been instrumental and will be to our growth.
Your operation is currently restricted to Lagos Island, what are your expansion plans to go beyond your present base?
We don’t have restrictions, we only focused on strategic locations in Lagos, we shall be announcing our new locations soon.
What is your parting message to the general public about the future of Bitcoin trading Nigeria?
In this hard time (Pandemic season), bitcoin is the only financial instrument that is possible of transforming any economy positively, also serving as an investment too for both the banked and the unbanked.
