Have you ever thought of business opportunities in cryptocurrency in Nigeria?
Despite the CBN ban preventing local banks from associating with cryptocurrency, digital currency remains widespread in Nigeria. In fact, the ban may have even increased the popularity.
As a result, presents potential business opportunities in cryptocurrency for those who are interested.
Here is a list of the top 5 cryptocurrency business opportunities in 2021:
Contents
1. Start a Cryptocurrency exchange
Starting your crypto exchange platform is arguably the biggest cryptocurrency business in 2021 (maybe second to having your own crypto coin).
An exchange platform is a website where people can sell and buy cryptocurrencies securely. To put this together, you have to be very familiar with how digital currency operates. Here are some popular crypto exchange – Coinbase, Luno, Binance, LocalBitcoins and so on. Yours too can join the list.
You will make revenues from charges on withdrawals, deposits and transfers, which would depend on the transaction amount.
2. Cryptocurrency Crowdfunding (IEO, ICO, STO)
A quick way to make money from crypto is through the crowdfunding strategy. The way it works is – you get investors to provide funds for your whitepaper, which has to be valid.
Crypto crowdfunding is of three types – IEO, ICO and STO.
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ICO refers to the Initial Coin Offering, and it’s the website for many people to raise funds by presenting their projects.
IEO means the Initial Exchange Offering, and it implies that the projects would be verified to avoid fake schemes. While STO is the Security Token Offering, meaning only the tokens supported by the securities is allowed.
So, you can work with any of the three crowdfunding strategies to begin your cryptocurrency business in Nigeria.
3. Cryptocurrency lending
Cryptocurrency lending is the most exciting crypto business. If you understand how crypto works and have a regular flow of cryptos from different sources, you can start a crypto lending business with a specific interest rate.
Cryptocurrency is currently used in different ways in the global market, including payment, as a token, exchange or investment. It has wide use cases worldwide, and like regular money, people will soon start having needs to borrow.
4. Cryptocurrency escrow business
Starting a cryptocurrency escrow business is the finest and oldest business idea in the cryptocurrency industry. It lets crypto users exchange coins among themselves using an escrow admin. In this case, the escrow admin will handle the crypto transactions.
To prevent hacking and scams in this system, a personal key will be generated for each transaction.
5. Cryptocurrency MLM Business
Cryptocurrency MLM refers to the multi-level marketing business in the crypto world. It’s a good crypto business for entrepreneurs and startups. There are currently several MLM businesses in the global crypto market.
To start this business, you must find a way to get potential your potential customers to trust you. You can work with social media influencers and run some PR campaigns to earn this trust. Also, don’t forget to share testimonials of satisfied customers so they can inspire others.
In Conclusion
Cryptocurrency will only continue to grow as many have said it’s the future of currency. By starting any of these crypto businesses, who knows, you might be the Union Bank of the future.
