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Nigeria’s luxury hotels, Bitcoin payments and financial asset incorporation


Luxury hotel measures

Nigeria’s luxury hotel “George Residence” has started settlement of crypto assets (virtual currency) Bitcoin (BTC) and announced that it will hold Bitcoin as a financial asset. This is the first case of the hotel industry in the country.

According to local news, George Residence is a hotel in Lagos, Nigeria, which will offer payment methods such as accommodation in Bitcoin starting this weekend. Coinvest Africa, a cryptocurrency broker and payment operator in the country, is in charge of payment.

In addition to using Bitcoin for payments, it has also decided to hold Bitcoin in the hotel’s financial assets. The hotel’s CEO explained that he had already converted about 50% of his cash assets to BTC, showing his willingness to increase his holdings in the future.

The economic background behind George Residence’s introduction of Bitcoin into its portfolio seems to be currency inflation hedging. Inflation in Nigeria and Naira has become more serious in recent years, and the use and ownership of virtual currencies in Japan is increasing.

Nigeria’s crypto-related business is expanding in scale. In the case of March this year, Nigerian startup Xend Finance launched a Binance Smart Chain (BSC) -based platform to make DeFi services available to credit union and co-operative members.


Author: Lewis Kikutani

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“Cryptocurrency” means “cryptographic assets”

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