PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.
The Nigerian cryptocurrency exchange startup expanded its offering into six new markets this year and also improved its presence in existing markets.
It is one of the few Nigerian cryptocurrency exchange platforms with its presence in the Caribbean, and has on several occasions indicated an interest in expanding to other Latin American countries.
Speaking on the recent acquisition, PowerDFI CEO Tim Webb said “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”
“We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security,”
“Our combined strengths of being first in the market to allow the staking of physical assets using smart contracts on the blockchain and the integration of various yield mechanisms to be a leading fintech globally.”
“We’re also building a derivative platform on the blockchain to help businesses hedge against native currency and asset exposure risk to global markets,” Webb explained.
Also speaking on the acquisition, Naijacrypto CEO Chiagozie Iwu in an email to its users said;
“Harnessing its innovative blockchain technologies, PowerDfi also expects to lead the way in “bringing physical asset economic utility to the Blockchain.
“This acquisition allows us to bring the future of financing vast amounts of critical assets to the blockchain. No other DeFi platform is making it possible for tokenized assets to be leveraged for staking, loans, and derivative creation.
“Large amounts of equity can now be unlocked and unfrozen because of the PowerDfi platform and its staking and lending protocols.
“At a time of job-cutting and freezing client funds in this sector, we’re creating a robust new platform that will drive asset financing on the blockchain globally.
“PowerDfi’s acquisition of Naijacrypto is a fit-like-a-glove, synergistic arrangement in which the capabilities of each company perfectly meet the needs of the other”.
“PowerDfi is the next phase of the DeFi evolution, and I am glad Naijacrypto and its entire team will have a front seat on this journey”.