Crypto: George Residence Becomes the First Nigerian Hotel to Accept Bitcoin

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In Nigeria, George Residence has become the first hotel to accept Bitcoins.

Nigeria’s economy is the largest in Africa, and it has the highest proportion of black people in the world. Hence, it is not a surprise that it led cryptocurrency adoption in Africa and one of the world’s top six until the CBN banned financial institutions from supporting cryptocurrency transactions.

Nigerians are still using cryptocurrencies despite the move. The adoption of Bitcoin continues to grow, resulting in the George Residence becoming the first hotel in the country to accept Bitcoin. Yesterday, George Residence, a luxury hotel that entered the Nigerian market last year, announced that it will now accept bitcoin as payment for its hotel rooms.

Yanju George, the CEO, announced this yesterday, stating that

‘‘we intend to allocate around 50% of our cash reserves to Bitcoin…we hope to increase that in the future. Bitcoin is the future currency, so we must make sure we do not fail in this regard.

According to the hotel’s CEO, the adoption of Bitcoin allows their customers an easier and faster way to pay for the comforts they offer. In order to receive cryptocurrency payments, George Residence partnered with Coinvest Africa—a leading cryptocurrency brokerage firm—to process the transactions.

A high-end hotel located in Lekki, Lagos, George Residence provides luxury hospitality services to celebrities and business travellers.

As technology and life keep, improving changes are bound to happen to all sectors of life. Are we ready?

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