TerraBit has partnered with Paystack to allow Nigerian naira deposits with debit or credit cards as well as automatic bank deposits and withdrawals.
The partnership means that Nigerians can directly add funds from Nigerian-issued bank cards and bank accounts alongside international US dollar deposits.
Paystack is a large African payments processor that has worked with big brands like MTN, AXA Mansard, Bolt, Nairabet, PiggyVest, and Corrywise, and now TerraBit.
Moving forward, TerraBit also intends to extend direct deposits functionality to Ghana as part of the Paystack partnership.
Naira deposits make the Nigerian market the third region to have this functionality on TerraBit. In South Africa and Colombia, users can also deposit the Rand (ZAR) and Peso (COP), respectively.
Furthermore, TerraBit recently announced that it would be opening a walk-in branch in Port Harcourt, Nigeria, to reach the country’s large unbanked population at the grassroots level. The office will officially open at the end of June.
The exchange allows users to trade bitcoin (BTC) and the project’s native cryptocurrency CREDIT in South Africa, Nigeria, Ghana, Kenya, and Columbia.
Also, TerraBit provides a lucrative passive income opportunity through web staking. An investment model that requires users to buy and hold CREDIT to receive daily rewards. Web staking on TerraBit has an annual ROI potential of 100 percent and is far easier compared to other investment options like mining.
Nigeria is currently one of the largest markets for cryptocurrencies in Africa, with a huge amount of trading volume and a sizable number of blockchain communities.
Expanding into Nigeria will give TerraBit the opportunity to access the already existing pool of active users while making gains from absolutely new users through avenues like the new office.
Virtual And Physical Cards Are Coming to TerraBit
Finally, TerraBit is working with an international credit card processor to introduce mobile companion cards for our Terrabit wallet. Virtual cards will allow users of the wallet to spend their cryptocurrencies anywhere bank cards are accepted.
Terrabit is in the process of becoming a third party issuer, which means we will be able to issue physical and virtual cards link to an external store of value. This is the crux of the issue as the Team has every intention of making the CREDIT wallet the proposed store of value. This, however, is in contrast to the current guidelines laid out by VISA.
Despite this fact, Terrabit has submitted their ideal proposal and awaits a decision to navigate the way forward. There is a range of approaches to achieve the ideal scenario and we will explore every option to ensure that cards can be issued through Terrabit by the latest early 2021.
June is a landmark month for TerraBit as the project gets ready to launch an updated whitepaper that will introduce the TerraBit DAO. The DAO is set for August alongside a hard fork that will come with more updates.