PocketFI: Market Research and Digital Platform Development for Nigeria's P2P Cryptocurrency Ecosystem
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Project Overview
PocketFI engaged us with a dual objective: to conduct comprehensive market research on Nigeria's P2P cryptocurrency ecosystem and to design and develop a user-friendly website and mobile application for their platform. With Nigeria's crypto market experiencing rapid growth—driven by inflation hedging and economic uncertainties—PocketFI aims to offer a secure and reliable trading experience in this evolving landscape. The platform is designed to address key challenges in Nigeria's P2P crypto trading, including security risks, fraudulent transactions, and the absence of trusted intermediaries or escrow services, ensuring a safer and more efficient trading environment.
Details
Date
Jan 11, 2025
Category
Research
Reading
2 Min
Author
BFG Product
Team
Problem Statement
Despite its rapid growth, Nigeria's cryptocurrency market faces significant challenges that hinder the development of a secure and trustworthy P2P trading environment. The exit of major platforms like Binance and Paxful has left a gap in accessible and reliable trading services, exposing traders to increased risks.
The absence of dependable escrow systems and the rise in fraudulent activities have further contributed to market volatility and distrust. PocketFI aimed to bridge this gap by developing a solution that enhances security, minimizes fraud, and fosters a seamless and user-friendly trading experience in Nigeria's evolving crypto landscape
Approach (The How)
Our approach began with in-depth market research, incorporating surveys and interviews with local crypto traders, platform users, and industry experts. We analyzed key market gaps, particularly in security, user experience, and regulatory challenges. Leveraging these insights, we developed a strategic framework for PocketFI, focusing on a secure, user-friendly platform with integrated escrow services and a robust verification system to mitigate fraud.
Additionally, we provided guidance on regulatory compliance and seamless integration with the evolving decentralized finance ecosystem. The project culminated in a detailed market research report and the complete design of PocketFI's website and mobile application.
Solution Introduced (The Problem Solving Innovation)
Leveraging our research insights, we crafted a tailored market entry strategy for PocketFI, ensuring the platform was secure, user-friendly, and efficient. To address fraud and build trust, we integrated a robust escrow service, serving as a secure intermediary between buyers and sellers.
The platform's design prioritized a seamless user experience, featuring real-time trade tracking, identity verification, and multi-layered security protocols to protect transactions. Additionally, we provided PocketFI with a strategic roadmap to navigate Nigeria's regulatory landscape, ensuring compliance while fostering a safe and scalable P2P trading environment.
