Helicarrier Closes Down Cryptocurrency Trading Platform, Buycoins Pro
In a recent development, Helicarrier, a leading crypto company based in Africa, has announced the discontinuation of its cryptocurrency exchange for professional traders, Buycoins Pro. The exchange, which primarily catered to users in Nigeria and surrounding regions, was launched a few years ago as a separate product to complement Buycoin Basic, the company's more user-friendly trading product.
The closure of Buycoins Pro comes amidst a shift in the industry's focus from trading to building usable products, following the epic failure of FTX and Terra-Luna. This move is not uncommon in the crypto industry, with regulatory challenges, strategic pivots, operational issues, or market competition often being the reasons for such closures. However, the exact reasons for the discontinuation of Buycoins Pro remain unknown.
The exchange initially supported only the USDT/NGNT trading pair, with Bitcoin pairs added later. Despite its offerings, users often had to wait in a queue for several hours to buy or sell USDT. The exchange's representative asked users to bring more liquidity at market prices for orders to be filled on time.
Users of Buycoins Pro have been advised to withdraw their assets within the next three months. They can still use the company's over-the-counter service for their cryptocurrency needs. It is worth noting that other companies in the African crypto market, such as Bitmama and Yellow Card, no longer brand themselves as crypto exchanges, but instead focus on crypto education, payment solutions, or other DeFi products.
Co-founder Ire Aderinokun stated in an interview that Buycoins Pro was launched as a separate entity to cater to professional customers who needed advanced trading features and a variety of coins to trade with. However, amid thin volumes and the departure of many traders/investors who brought the hype of the previous bull run, Africa's local crypto exchange model started struggling.
Without current specific data from the search results or recent news, it is unclear what Helicarrier's current business model in the African crypto market is. If you need verified and recent information, I recommend checking official statements from Helicarrier, press releases, or reputable African crypto news sources directly.
- Helicarrier, an African crypto company, has discontinued its professional trading exchange, Buycoins Pro, which catered to Nigerian and surrounding regions.
- Despite its initial offerings, Buycoins Pro users often faced long waiting times to buy or sell digital assets, prompting the exchange's representative to request more liquidity.
- In an interview, Buycoins Pro co-founder Ire Aderinokun revealed that the exchange was launched to cater to professional traders seeking advanced features and a variety of coins.
- other African crypto companies like Bitmama and Yellow Card no longer brand themselves as exchanges, instead focusing on crypto education, payment solutions, or other DeFi products.
- The exact reasons for closing Buycoins Pro remain unknown, but the industry-wide shift towards building usable products and market challenges might have played a role.
