Evan Duffield’s cryptographic project formerly known as Darkcoin, Dash, has just signed a new partnership with a crypto exchange in Nigeria to service the highly rated remittance industry of the country, NewsLogical can confirm.
Collaborating with BITFXT exchange, Dash will be offering its remittance services to users of cryptocurrency in Nigeria at the rate of 1%, a report has said.
Henceforth, Dash will allow people receive fund in DASH crypto and make direct conversion to Naira at the rate of 1% for transaction above $199. However, transactions lesser that $200 will require a transaction fee of 2%.
Foreigners who intend sending money to their loved ones at home (Nigeria) will have to buy DASH crypto from exchange platforms like Binance, Coincodex, Coinbase and more, and then transfer it to the receiver via the exchange.
The Nigerian remittance industry is known for its high growth, and according to a report published by PwC, the remittance industry of Nigeria is estimated to be worth US$24 billion in the year 2018, a value which represents 6.1% of the country’s GDP.
Between 2017 and 2018, the Nigerian remittance industry saw 14% year-on-year growth. This is due to the number of Nigerians in the diaspora.
Franklin Odoemenam, the CEO at BITFXT exchange, greeted the partnership deal with optimism, saying BITFXT has a similar mission with Dash which is to spread the adoption of crypto among thousands of people especially in Africa.
Odoemenam said the partnership will open millions of people in Nigeria to cryptocurrency and a better mean of remitting money from across the border.