Bitmama resumes deposits

·
December 23, 2023
·
2 min read
L-R Ruth Iselema, CEO, Bitmama; Akin Asalu, COO, Bitmama

The news:

  • Nigerian crypto exchange Bitmama has resumed deposits on its platform.
  • The company suspended deposits earlier this month, saying its partners were running some maintenance.
  • It also noted that deposit suspensions were done in a bid to protect customers.

In a statement received by Techpoint Africa, Bitmama said it made "a critical decision to pend users’ deposits, which facilitated the implementation of vital security patches."

The company, which just acquired Nigerian fintech company, Payday, also said deposits were paused due to a third-party infrastructure maintenance schedule.

Following the completion of this maintenance, customers can now make fiat deposits on the platform.

Bitmama also gave more context concerning the need to implement the temporary freeze on deposits. It noted that the step was taken to prevent "any potential misuse by malicious individuals looking to exploit vulnerabilities in the system."

Advertisement

Interestingly, the exchange also revealed that pausing deposits did not reduce transactions on the platform. Instead, direct crypto deposits on the platform surged in Nigeria, Ghana, and Kenya.

While the company has opened up fiat deposits, it will, however, place liens on accounts that display suspicious activities.

Bitmama's announcement also coincides with the announcement by the Central Bank of Nigeria (CBN) to allow banks to facilitate crypto-related transactions.

Banks are now allowed to open bank accounts for crypto companies, also referred to as VASPs, provide them with designated settlement accounts, and act as channels for FX flows and trade.

Another Nigerian exchange, Quidax, also announced free deposits and withdrawals following the announcement.

Be the smartest in the room

Join 30,000 subscribers who receive Techpoint Digest, a fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

Bitmama and Quidax are some of the Nigerian crypto companies that have made it through the crypto winter that has seen many crypto companies shut down across the world.

Biitmama also said that it will be rolling out more updates across all its products, such as Changera, its cross-border payment solution.

He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
Subscribe To Techpoint Digest
Join thousands of subscribers to receive our fun week-daily 5-minute roundup of happenings in African and global tech, directly in your inbox, hours before everyone else.
This is A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day! 
Digest Subscription

Give it a try, you can unsubscribe anytime. Privacy Policy.

He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier