How the FTX Crypto Exchange Collapse is about to affect you in Nigeria

FTX Crash

By now, it is no secret that the giant crypto exchange, FTX has collapsed with bankruptcy filing in the United States.

Now here is the gist concerning Nigerian fintech firms and FTX. Word on the street is that a good number of Nigerian fintechs have exposure to FTX, and could have lost huge funds in the collapse.

FTX and another firm Alameda, are said to be major investors in crypto wallets and exchanges across Africa.
Hence, the Nigerian fintechs were inclined to put their crypto cash in FTX.

Some of the most popular fintech apps are said to be heavily exposed to FTX.

The implication of this is that withdrawals from customer accounts might be affected. The coming days might be critical.

Please let us know if you can do withdrawals without issues from your favorite fintech banking app.

Photocredit: blockchain news

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