Firm unveils payment card to tackle crypto fraud

Cardex, a cryptocurrency platform, has launched a new crypto debit card in Nigeria, aiming to curb fraud and enhance security for digital asset transactions.

The company announced the rollout in a statement on Sunday, stating that the card would allow users to spend cryptocurrency directly while reducing risks associated with peer-to-peer trading.

“Cardex offers a secure and user-friendly solution to these challenges,” the company said in a statement. “By facilitating direct transactions, we eliminate the need for intermediaries, reducing the risk of fraud and ensuring fair exchange rates.”

Nigeria has one of the highest rates of cryptocurrency adoption globally, but P2P platforms—widely used for trading—have exposed users to scams and unregulated currency exchanges.

Cardex said its new payment solution aims to provide a safer alternative by allowing direct spending and withdrawals.

The company also highlighted the increasing role of stablecoins—digital assets pegged to fiat currencies—stating that their adoption is growing in economies grappling with inflation and currency volatility.

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

The move comes as Nigeria’s government tightens oversight of the cryptocurrency sector, with regulators pushing for more transparency and security measures in digital financial transactions.

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