Roqqu Brings Crypto to the Streets, Quidax Brings It to the Banks—Inside Nigeria’s Dual Adoption Story

With Nigeria’s crypto market having an estimated 25.9 million digital asset users, second only to India globally, the country has become the beating heart of Africa’s crypto economy. 

Stablecoins, in particular, are changing the norms of finance, with Nigeria ranked first worldwide in adoption. Against this backdrop, two homegrown exchanges, Roqqu and Quidax, are working to bolster local adoption.

Both Lagos-based, both Nigerian-founded, and both targeting millions of users, Roqqu and Quidax are enhancing how Nigerians trade, spend, and view digital assets. 

Nigeria’s crypto economy is projected to generate $2.4 billion in revenue by year-end 2025, despite regulatory tightening. The average revenue per user hovers around $87.40. Use cases are diverse, including trading, savings, remittances, merchant payments, and peer-to-peer transfers, especially in regions underserved by banks.

Most importantly, stablecoins are at the centre, with Nigerians now turning to USD-pegged tokens for cross-border payments, hedging against naira instability, and accessing scarce U.S. dollars. This is where Roqqu and Quidax are testing very different strategies. One is evangelising stablecoins for everyday Nigerians, the other embedding them into a formal, bank-linked ecosystem. Their focus, and growth models are very different.

Platform Foundations & User Experience

Roqqu, launched in 2019, handles over 100 cryptocurrencies, including BTC, ETH, USDT, and the regulator-approved cNGN stablecoin. It supports Naira, Dollars, Euros, Pounds, and Ghanaian Cedis, and has built its brand on grassroots engagement, think campus tours, community workshops, and offline activations in underserved towns. 

Its feeless cNGN transfers and integration with Base blockchain speak to a strategy rooted in accessibility and everyday use.

Quidax, established in 2018, takes a more fintech-inspired approach. With support for over 50 cryptocurrencies, the exchange prioritises seamless user experience. Naira deposits come via bank transfers, vouchers, or its own Quidax Pocket wallet. Features such as staking, interest-bearing wallets, and a crypto-linked virtual card make it feel familiar to users who already interact with banking-like financial tools.

Regulation & Legitimacy

Now a competitive edge, regulation clarity is becoming the deciding factor and when it comes to compliance, Quidax is ahead. In August 2024, it secured an Approval-in-Principle from Nigeria’s Securities and Exchange Commission (SEC). 

By 2025, it had regained direct access to the banking system, allowing fiat-crypto transactions to flow more easily. Quidax is now regarded as a model for compliant crypto operations in Nigeria.

Meanwhile, Roqqu is still awaiting its provisional SEC licence as of August 2025. However, the exchange has taken steps to align with regulators, including listing the SEC-approved cNGN stablecoin backed by regulators and minted across six blockchains. 

This means the exchange is in strong regulatory alignment while waiting for full regulatory clearance, which it shares with Quidax, Busha, and others. Roqqu is building trust at the grassroots.

Growth, Reach & Strategy

Roqqu claims 1.8 million users, including 600,000 daily actives. Its acquisition of Kenyan startup Flitaa in July 2025, with over 70,000 users, shows an expansion-focused strategy. 

With this, it aims to use cNGN to simplify remittances between Nigeria and Kenya and extend into East Africa. Meanwhile, its partnership with SiBAN, Nigeria’s self-regulatory blockchain body, lends legitimacy to its broader ecosystem-building efforts.

Quidax hasn’t announced regional M&A. Instead, it deepens trust and infrastructure at home and across borders through an OTC desk for compliant, high-liquidity business transactions and international settlement services. 

It also broadens its impact via leadership platforms, including a visionary appearance by its CEO at Consensus 2025, where he called for global collaboration to boost Africa’s crypto ecosystem.

Recent Headlines: What’s New?

• Roqqu listed the cNGN stablecoin, now circulated to the tune of ₦604 million ($395,000), as part of its wider campaign to push stablecoin use among everyday Nigerians.
• It welcomed Victor Osimhen, a Nigerian football star, as its ambassador, blending national pride with financial inclusion messaging.
• Quidax runs the Trade & Win Challenge, a gamified campaign to incentivise trading, now in its third week as of late August 2025.
• It is also partnering with educational and financial institutions, including SEC-led initiatives, to bring digital assets into mainstream consideration by banks and regulators.
• In addition, it adopted enterprise-grade security through Fireblocks, enhancing both its infrastructure and credibility.

Key Differentiators

Final Take

Roqqu is the disruptor—aggressive, community-led, and mobile-first, aiming to take finance to every corner of Nigeria and beyond. Quidax is the stabiliser—trusting compliance, clean fintech design, and institutional partnerships to consolidate crypto use inside established systems.

In 2025’s Nigeria, both have key play parts in play. Roqqu brings crypto to the streets, while Quidax brings crypto to the boardroom.