BuyCoins Africa, one of the earliest cryptocurrency exchanges in Nigeria and Africa, is discontinuing one of its services, BuyCoins Pro.
According to online reports, the Bitcoin exchange notified its users through a letter that it will be ‘sunsetting BuyCoins Pro’ in a phased approach.
As part of the transition, the company has outlined that users will have continued access to asset withdrawals for the next three months. Additionally, trading can still be conducted through BuyCoins’ Over-the-Counter (OTC) service via Desk.
“We genuinely appreciate your understanding and cooperation during this period. We understand that changes like these can be inconvenient, and we’re committed to assisting you in any way we can to facilitate a smooth sunsetting process,” the company said according to local reports.
BuyCoins Africa initially launched with a single app in 2017. However, it transformed into Basic and Pro versions, the Basic version catering to buying and selling (investing) in digital assets, while the recently closed Pro version was tailored for advanced technical traders.
Buycoins, formerly known as Bitkoin, is a peer-to-peer Bitcoin trading platform established in 2017 by Timi Ajiboye, Ire Aderinokun, and Tomiwa Lasebikan. The platform was created to provide Nigerians with a secure and straightforward means to buy, sell, and store cryptocurrencies.
In 2021, the exchange and its entire suite of products were brought under the umbrella of a new parent company named Helicarrier.
During the rebranding in October 2021, Helicarrier included five distinct products:
- BuyCoins: A platform designed for buying, selling, and storing cryptocurrencies
- Pro: A platform tailored for advanced crypto traders, offering features such as an order book, a variety of currency pairs, and tools for swift trading on the go
- SendCash: A platform facilitating crypto-powered remittances
- SendCash Pay: A suite of developer tools empowering users to integrate borderless payment experiences into digital products
- NGNT (Nigerian Naira Token): A digital currency pegged to the Nigerian Naira
In 2021, Buycoins made the step to fully collateralize NGNT with USDC, as crypto service providers sought alternatives when the Central Bank of Nigeria banned banks from facilitating any cryptocurrency transactions.
