Ezichim Onweagba, Head of Global Partnerships & Business Development at Quidax, tracks a year of big developments in the crypto sector and some notable wins for the company in Africa and other key markets.
How has the year gone for Quidax, and has it met your expectations?
2024 has been a significant year of growth and evolution for Quidax. We had good expectations of the year and in many ways, they were met. The crypto industry saw rapid shifts, and we adapted by expanding our offerings, enhancing operational efficiencies, and fostering deeper trust among institutional clients.
A key moment this year was becoming Nigeria’s first SEC-licensed crypto exchange—a milestone that solidified our credibility and leadership within the African crypto space.
What’s been the biggest highlight of the year for your OTC Desk, and what has this meant for the company?
The biggest highlight for our OTC Desk was expanding into two new markets. The addition of two major African currencies—the South African rand and Ethiopian birr—have been added to our offerings. This expansion has allowed us to meet the growing demand for localised solutions across key markets and positioned us as the go-to partner for large-volume crypto trades in Africa. This development shows our commitment to solving liquidity challenges and facilitating seamless cross-border payments.
What were some of the more challenging issues of 2024, and how were they tackled?
2024 brought its share of challenges, particularly regulatory uncertainty in emerging markets and fluctuating liquidity in some markets. We continue to tackle these challenges through collaboration with relevant stakeholders and a commitment to compliance. On the liquidity front, we focused on deepening partnerships with institutional liquidity providers and leveraging technology to ensure consistent trade execution for our clients.
What developments have we seen this year in regards to crypto payments, and will these lead to further adoption in 2025?
This year, we witnessed significant advancements in crypto payment solutions, particularly with businesses leveraging blockchain for cost-efficient, real-time cross-border settlements.
The increasing adoption of stablecoins/crypto in B2B payments has set a strong precedent for future growth. Looking ahead to 2025, we expect this momentum to continue as businesses increasingly recognise the benefits of crypto payments for streamlining operations and improving cash flow across borders.
Stablecoin use cases have been growing this year. Why are they being used for cross-border transactions, and will this grow in 2025?
Stablecoins offer price stability, speed, and low transaction costs—qualities that address longstanding pain points of traditional systems. Businesses operating in emerging markets, where currency volatility and access to USD remain challenges, find stablecoins a reliable alternative for settling payments seamlessly.
In 2025, we anticipate further growth in stablecoin adoption, fueled by expanding use cases, better regulatory clarity, and increased demand for solutions that facilitate efficient global trade.
What lessons have you learned from 2024 that you’ll take into 2025?
One of the biggest lessons from 2024 has been the importance of resilience and adaptability in an industry that is evolving. We’ve learned that compliance with regulations, enhancing service delivery, and providing tailored one-on-one client support are key drivers of long-term success.
In 2024, we also attended more B2B events than previous years. Some of these include ICE, iFX and SBC summit. Our participation at these events helped us maintain a good brand presence and also make great business connections. We hope to do more in 2025.
As we go into the new year, we’re committed to expanding our offerings and improving our service delivery, as a trusted partner for global businesses with operations in Africa who are seeking secure and efficient cross-border settlement solutions.
