Helicarrier halts operations of its specialized cryptocurrency trading platform, Buycoins Pro.
In a significant move, Helicarrier, a Nigerian cryptocurrency exchange, has announced the discontinuation of its advanced trading platform, Buycoins Pro. This decision comes amidst a series of changes within the African crypto market, as several pure-play exchanges either shutter or alter their business models.
Buycoins Pro, introduced a few years ago as a separate product from Buycoin Basic, aimed to cater to more experienced traders, offering advanced trading features and a diverse range of coins. However, strategic realignment and challenges in scaling the platform competitively within the evolving African crypto market may have played a role in the decision to discontinue this service.
The closure of Buycoins Pro was announced to users late last year, and they have been advised to withdraw their assets within the next three months. It's worth noting that Helicarrier sold its retail trading app Buycoin Basic to crypto saving app Accrue over a year ago.
In 2019, Buycoins introduced the naira-pegged NGNT stablecoin, serving as a bridge between fiat and cryptocurrency for its users. The platform also added Bitcoin pairs to Buycoins Pro, though the exact timeline remains unclear. At the time of closure, Buycoins Pro only supported the USDT/NGNT trading pair.
The reasons for the closure of Buycoins Pro are unknown, as the company did not respond to Mariblock's request for comments. The market, however, has shown resilience, with several active exchanges continuing to expand services across Africa. Luno, Yellow Card, and Paxful, among others, are navigating local regulations and increasing crypto adoption despite occasional regulatory uncertainties.
For those seeking detailed, up-to-date explanations regarding Helicarrier and Buycoins Pro specifically or the state of African crypto exchanges, consulting recent company press releases, industry reports, or news outlets focusing on African fintech and crypto sectors is recommended.
- The closure of Buycoins Pro, a platform offering advanced trading features and a diverse range of coins, is prompting investors to seek alternative digital assets exchanges in Africa, such as Luno, Yellow Card, and Paxful.
- Despite the discontinuation of Buycoins Pro, Helicarrier's retail trading app Buycoin Basic, which introduced the naira-pegged NGNT stablecoin in 2019, remains operational following its sale to crypto saving app Accrue over a year ago.
- The evolving African crypto market, marked by changes such as the discontinuation of Buycoins Pro, highlights the need for businesses, including fintech and crypto companies, to adapt to technology and comply with local regulations to remain competitive.
- Helicarrier's decision to shutter Buycoins Pro came amidst a wave of adjustments within the African crypto market, where several pure-play exchanges are either discontinuing services or altering their business models.
- As regulatory uncertainties persist, African fintech and crypto sectors continue to grow and innovate, with industries like blockchain and crypto presenting opportunities for businesses looking to expand in the continent's still-growing digital finance landscape.
