Meet the Nigerian who designed the country’s first Bitcoin ATM

Theodora Aidoo Mar 4, 2020 at 02:00pm

March 04, 2020 at 02:00 pm | Success Story, Tech & Innovation

Theodora Aidoo

Theodora Aidoo | Staff Writer

March 04, 2020 at 02:00 pm | Success Story, Tech & Innovation

Daniel Adekunle, designed Nigeria’s first Bitcoin exchange machine - Pic Credit: weetracker.com

Daniel Adekunle Omoshola has designed Nigeria’s first Bitcoin ATM that is already operating in Lagos.

Through his company Blockstale, Nigeria’s first BTM has been deployed. The machine has an Africa-focused design that makes it friendly to crypto users on the continent.

He designed the machine in Shenzhen, China and was flown to Lagos, Nigeria’s commercial capital.

Omoshola is the founder and CEO of “Blockstale”, a company focused on the principal development of blockchain technology through industry-standard hardware and intuitive software in 2017.

“The BTM had been on the ground since the first week of December 2019. I know there is a scarcity of these machines in Nigeria, and that’s why we’re quietly filling the gap, for now,” Omoshola said in an interview.

According to the bitcoin ATM pioneer in the country, “for about 3 years now I have been working on the blockchain technology and BTMs (Bitcoin Teller Machines or Bitcoin ATMs) hardware, software and firmware most especially”.

“I had my people (Africans) very much in mind since they are a little rigid when it comes to innovation and personal interaction(s) with high tech devices,” Omoshola told WeeTracker.

As the giant of Africa, Nigeria is the huge market for crypto trade in Africa and as a result, Omoshola adopted security measures in the design of the bitcoin ATM.

The First bitcoin machine in Nigeria
Pic Credit: weetracker.com

It was specifically customized with additional components that include a door alarm system, a remote tracker and some bio-scanners making it more theft and vandal-proof.

Omoshola’s company has plans to install more of the machines in the country.

“We are bullish on some strategic locations in Abuja, Owerri, Ogun, and Ibadan. In Lagos, we are likely to have machines installed at SPAR Lekki, Eko Hotel and Suites in Victoria, Ikeja City Mall and Leisure Mall in Surulere during this first quarter of 2020,” Omoshola disclosed.

He also said that his company after making history in Nigeria is open to welcome more tech companies into the BTM space. “We hope this great innovation structures our economy and opens more opportunities to our youths and other business owners,” Omoshola said.

The BTM has an intelligent monitoring system that alerts in cases of unusual transactions. It allows for two-way operations enabling users to buy as well as sell Bitcoin using their Naira.

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