Over the last 14 years, crypto has evolved from an undiscovered terrain into a trillion-dollar market. But, although it has won many hearts, trust is fleeting. Crypto traders lost $656 million to scams, hacks, and rug pulls in the first half of 2023 alone, per a report by Beosin.
In Nigeria, demand for crypto has been resiliently high. After a regulatory ban in 2021, p2P transactions became the new order, growing 15% year-on-year. According to a recent report from Chainalysis, crypto adoption in the country grew by 9% year-on-year between July 2022 and June 2023, amounting to $56.7 billion in trading volumes. However, the trust problem has persisted, and Furex wants to solve it with its new app.
“Furex is dedicated to addressing several key challenges in the digital finance space,” Fure Eviosekwofa, Founder and CEO of Furex, told Ventures Africa. “Firstly, we aim to simplify cryptocurrency and gift card trading, making it accessible to a broader audience. We want to eliminate the complexity often associated with these transactions, making it easy for users to buy, sell, and exchange digital assets. Additionally, security is a top priority, and our app is designed with robust measures to protect users’ funds and data.”
After building a name for over five years in the offline OTC (over-the-counter) space, Furex, a Nigerian crypto marketplace, launched the first version of its mobile app. Eviosekwofa’s dream to build the Furex app was largely influenced by personal low-trust and scam experiences. “When we first wanted to build this app, we paid a developer millions of naira, and he ghosted us,” he said.
“The Furex App represents the culmination of our vision for a more accessible and efficient crypto and digital assets trading experience,” Fure Eviosekwofa said at the Furex App Launch Event. “It’s a step towards financial freedom for all.” The Furex App Launch Event happened at The Jewel Aeida Events Centre in Lekki, Lagos, on Friday, October 6th, 2023.
According to Damilola Olatoye, Product Manager at Furex, “The Furex App is designed to simplify crypto trading. It eliminates the need for users to wait for suitable buyers and sellers and automates the trading process, making it accessible to users of all levels.”
The event provided a first look at the Furex App’s user-friendly interface, innovative features, and the unveiling of four influential brand ambassadors from the entertainment and lifestyle space, including Ola of Lagos, Isokoboy, Classy Jesters and Anthon Umeh.
Alfred Jarikre, the Head of Marketing at Furex, added, “This event is not just about launching an app; it’s about launching a movement. Furex is committed to building a diverse and dynamic crypto community, and our brand ambassadors are a testament to that commitment.”
But building trust won’t come cheap. Nigeria is largely a low-trust society, and Eviosekwofa knows. So, the company will anchor its strategy on getting the nod from regulators. “Navigating Nigeria’s regulatory landscape is a critical aspect of our strategy,” he told Ventures Africa. “We are committed to compliance with all relevant regulations and laws. Our approach involves close collaboration with regulatory bodies, engaging in constructive dialogue, and staying updated on evolving regulations. We’re also investing in robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to ensure that our platform remains secure and compliant. Ultimately, our goal is to work within the regulatory framework while fostering innovation in digital finance.”
