Cardex debuts in Nigeria with crypto debit card

Cardex, a cryptocurrency platform, has officially launched in Nigeria, introducing an innovative crypto debit card aimed at enabling users to spend their cryptocurrency directly while enhancing security and reducing the risks associated with peer-to-peer scams.

The company made the announcement in a statement on Monday, emphasising that the new solution would provide a more secure and transparent way for users to engage in digital asset transactions.

“Cardex offers a secure and user-friendly solution to these challenges,” the company stated.

“By facilitating direct transactions, Cardex eliminates the need for intermediaries, reducing the risk of fraud and ensuring that users receive fair and transparent exchange rates.”

P2P platforms have long been the primary method for cryptocurrency trading in Nigeria, but they often expose users to scams, unfair exchange rates, and unregulated currency exchanges.

Cardex said its crypto debit card is designed to address these issues by allowing direct spending and withdrawals, reducing reliance on potentially risky third-party exchanges.

The company also highlighted its role in promoting stablecoin adoption as part of a global trend.

“Stablecoins, digital currencies pegged to stable assets like the US dollar, have seen significant growth in adoption worldwide,” it added.

Cardex noted that in economies facing inflation and currency volatility, stablecoins are becoming a preferred choice for payments and remittances.

“With the introduction of Cardex, Nigeria is poised to lead in the integration of regulated stablecoin and cryptocurrency solutions,” the company added.

“Cardex ensures that the country remains at the cutting edge of financial innovation, providing Nigerians with access to secure, efficient, and modern payment methods.”