Nigeria’s Biggest Crypto Start Up Patricia Relocates To Estonia
If you are Nigerian, it’s possible you know Patricia one of the biggest, if not the biggest crypto platform in Nigeria, founded by a Nigerian youth. Patricia is so big and successful, they sponsor the biggest Nigerian Reality TV show, Big Brother Naija. They use this Big Brother Naija to create more crypto awareness by being the head sponsor of the show, this way viewers will watch a lot of crypto related ads from Patricia.
source
Patricia was doing so great in Nigeria and progressing in getting new Nigerian users, everyone knew Patricia, most Bitcoin traders loved using Patricia because of the swift service, but I didn’t like using it because of their service charge. But that’s not the point, the point is, Patricia was making great progress in helping crypto adoption in Nigeria and Africa at large.
They hard a Patricia card, they also had branches in some parts in Africa, the company was doing so great and had their headquarter in Lagos Nigeria. But unfortunately the government decided to formulate a policy that restricted Patricia. The government banned all financial institutions from having crypto related transactions. Patricia helps with deposit and withdrawal of crypto into local bank accounts, that’s where Patricia makes most of its profit from. They buy cheap and sell at a higher price by taking advantage of difference in exchange rates. That is, they buy bitcoin from users at let’s say 520 naira per dollar and sell 580 naira per dollar. That 60 naira spread is their profit and they use banks for these transactions.
With the government’s restrictions, transactions will have to be placed on hold till the company finds an alternative. They wouldn’t want to use P2P because this means that they won’t make profit. You can’t compare trading crypto on Patricia to trading crypto on Binance. They started a way of still making transaction but that didn’t last for long, because am sure that the government kept they account on close watch.
CEO Of Patricia
The company couldn’t take it anymore they decided to move the company’s headquarter to Estonia a Northern European country. Once again, Nigeria has lost another gem and talent to Europe because of the country’s leaders inability of thinking about the future. While the company relocated to Europe they also did some upgrade to the Patricia app giving it more features and allowing crypto currency trading to be much more better than it used to be. Patricia has been dominating cryptocurrency transaction in Nigeria for more than 2 years, so it’s sad to see a company by a Nigerian relocate to another country for acceptance.
This way the company might build better connection in Europe and dominate so hard that the country might later start begging the company to come back to Nigeria, we have seen this happen so many times in other sectors. We have seen cases of the country not valuing potential skills until they relocate to another country. After relocating and be the best in that country while adding value to the country, Nigeria comes back begging and pleading for their return. This is possibly going to be the case for Patricia in the next 10 years.
Posted Using LeoFinance Beta
Wow..i am shocked
This May very well be the case, our government just has a way of shunning good works and great effort like they say a teacher is never appreciated in his own home..
I hope Estonia treats them well.
Good luck patricia
I’m so sure Estonia will treat them real good, Nigeria stay losing its assets to other countries.
I'm positive they will be a big company even in the next 5 years.
Nigeria can be such an a*hol to young entrepreneur development in the country, I'm sure it would have been endorsed or find a loop hole if it was owner by one of these over intelligent politicians who thinks they can always do and undo.
They started with twitter and now crypto. All their foolishness I believe will even more motivate younger minds to grow even bigger and stronger that the government would become powerless in most areas, it will only take time.
Posted Using LeoFinance Beta
Sure, young Nigerian entrepreneurs always invest in Nigeria with plans of immigration as back up plan incase the country decides to come for them.
It very bad that the government is nigeria is trying very hard to kill crypto trading in nigeria.
Trying to to kill the dreams of most nigerian youths.
It's sad
So many governments are anti-crypto, they are scared.
Posted using LeoFinance Mobile
What a loss, only if the leaders could see what lies in the future.
Nigeria as a nation would do anything to hold onto contemporary thinking, it's bigger than just perception.
More good things on its way
Posted using LeoFinance Mobile
We just keep hoping for the best but when?
Stop hoping but keep hope alive, it would happen when it's time.
We just got to do the best individually first, collectively would take its time.
This is why we need to take the next elections in Nigeria seriously.
Yes, they will say elections in Nigeria are just mere formalities but if we want to stop being considered a joke by the outside world then we need to stop electing dinosaurs and put people in power that are willing to learn new things.
Patricia would be missed in Nigeria, but I see them having better years in the future.
Posted Using LeoFinance Beta
The issue of election is none of the presidential candidates are better, we have options between choosing two bad candidates.
Touche!! I really hoped the youth would have handpicked someone capable of doing this job.
People are not "leaders" if they drive away talented people from their own country. The people who are leaving would make better leaders.
Posted Using LeoFinance Beta
I wish Nigerian leaders had that in their book
Very nice news about a Nigerian crypto company I did not know about !
Great article my dear @readthisplease
Posted Using LeoFinance Beta
Thanks a lot for your support
What can happen here is that as you say in the end, Patricia decides to leave to strengthen herself further, and as the naira and the Nigerian economy are in a tailspin, then it will be the same government who will desperately look for them.
Posted Using LeoFinance Beta
Sadly it always happen
I don't use Patricia but I believe, that's the good decision,if Patricia continue to stay in Nigeria, Nigerian government will shut it down.
That's a good step for them.
Posted Using LeoFinance Beta
I come from the East and this feels all too familiar. What's up with African governments and this thirst to control what they can't?
Though I didn't know of Patricia, I am sure it was for the people and politicians couldn't just have that. Sigh. That's how we lost Chipper Cash on this end too.
Posted Using LeoFinance Beta
FUCKING NATION KILLING TALENTS