In an effort to possibly ensure the platform is KYC-compliant before announcing support for bitcoin trading, all account holders on Chipper Cash are now required to verify their accounts otherwise they will not be able to use the platform.
The limitation on unverified Chipper Cash accounts means that users will not be able to:
till they are verified
Non-compliance to the above means that unverified Chipper accounts will experience delays in transacting until they complete verifications.
Verified account holders are now required to add identification information that include:
Country of residence
Country of birth
City of residence
Over the last few months since raising $13.8 million to expand operations in Kenya and Nigeria, Chipper Cash, one of the most preferred money transfer service for cross-border African crypto traders, dramatically raised its exchange rates thereby cutting off a lot of bitcoin transactions that were happening, especially between the two countries.
This move resulted in a huge decrease in transaction amounts on many exchanges, particularly P2P platforms like Paxful, that experienced huge volume declines.
With over 3 million users, Chipper Cash offers mobile-based, feeless, P2P payment services in 7 African countries:
While Chipper Cash has not commented on this matter, it is also highly likely that this decrease in volumes has also resulted in a decrease in trading volumes on the platform and thereyby affecting the startup’s revenue.
Whether support for bitcoin trading comes onto the platform remains to be seen. However, based on previous trading volumes, support for crypto is going to see a remarkable increase in Chipper Cash volumes and possibly even higher revenues if a dedicated crypto service is introduced.
NB: BitcoinKE will be following up on this development. Look out for any updates on this unfolding story