The first quarter of the year is an essential period for any business, and the crypto industry is no exception. This report provides an overview of VIBRA's performance during Q1, covering key metrics and significant events that influenced our operations during this period.
Market Overview
During Q1, the cryptocurrency market continued its upward trend, driven by various factors, including the growing institutional interest, increasing adoption of blockchain technology, and the rise of decentralized finance (DeFi) applications. Bitcoin, the largest cryptocurrency by market capitalization, has increased by more than 80% since its $15,000 bottom, while the altcoin market experienced significant growth, with many coins posting impressive gains.
VIBRA Performance Metrics
VIBRA experienced significant growth in Q1, with trading volume and user registrations improving massively. Our platform's average monthly user base increased by over 20% as compared to Q4 of 2022, with the majority of new users coming from Nigeria, Kenya, and Ghana. Our daily P2P and spot trading volume increased during the quarter, except in February when we had the least volume. Overall, the P2P and spot trading volume was impressive compared to the previous quarter. This growth was mainly due to the market rebound, as traders sought to topple their portfolios against the next bull market.
Product Developments
In Q1, we launched several new products and features to enhance our users' trading experience and improve our product use cases. We introduced the VIBRA send, VIBRA request and the VIBRA Locked Savings, which both received positive feedback from users and added support for new coins and tokens, including ARB— the Arbitrum ecosystem native token. Here's an overview of the features we launched in Q1.
VIBRA Send: VIBRA Send allows users to send money to one another using an email address or phone number. This seamless way of transferring money can ensure the safety and timely delivery of digital assets between one VIBRA user and another. Click here to learn more about VIBRA Send
VIBRA Request: VIBRA Request feature allows you to send an email or SMS to request money from family and friends or ask for payment for your products or services from your customers. The recipient will receive an email or message with a link to make payment directly to your VIBRA wallet. Read more about VIBRA request
VIBRA Locked Savings: Like traditional locked savings, crypto locked savings is a type of investment in which an investor deposits cryptocurrency into an account for a fixed period, typically ranging from a few weeks to several months. In exchange for the deposit, the investor receives a guaranteed return on their investment at a fixed interest rate. Read more about VIBRA Locked Savings here
Security Measures
We implemented several security measures during Q1 to ensure the safety of our platform. These included regular security audits by our tech team, frequent vulnerability assessments, and enhanced network monitoring to detect and prevent cyber-attacks.
Events Held
During Q1, we hosted several events and Twitter spaces aimed at promoting cryptocurrency adoption and educating the African populace about blockchain technology. We organized spaces that featured industry experts and thought leaders, covering topics such as Enterprises Adopting the Cryptocurrency Ecosystem, The Use of DCA as an Investment Tool, Crypto Trading Strategy for 2023, and many other industry-related topics. We also hosted several meet-ups and internet-based exhibitions using video content creators' pages across Africa, where we showcased our platform and engaged with potential users. These events helped us to raise awareness about our exchange and the benefits of trading cryptocurrencies, and we plan to continue hosting similar events in the future.
Here is a list of the top events we held in Q1;
VIBRA Uganda Bitcoin Meet-up: On 18 March 2023, VIBRA held its first meet-up in Uganda. The event which lasted 8 hours, from 9 AM to 4 PM received about 98 attendees. In line with VIBRA's vision… see more
VIBRA Kenya Bitcoin Meet-up: On 25th March 2023, a group of crypto enthusiasts gathered for a meetup in DeeK Hotel Murang'a, Kenya. The event was organized by VIBRA and spearheaded by the VIBRA Ambassadors in Kenya. The event attracted attendees from various backgrounds, including traders, financial analysts and investors…. see more
VIBRA Ghana Bitcoin Meet-up: On April 1st, 2023, over 200 blockchain enthusiasts gathered at the In-service Training Sunyani in Ghana to discuss the potential of blockchain technology in Africa. The event, organized by VIBRA, attracted professionals from diverse fields such as finance, and technology, including students… see more
Q1 Campaigns
The following campaigns were held during the period to reward our users;
Regulatory Compliance
As a company, we prioritised compliance with the relevant laws and regulations during Q1. We improved our Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent fraud and ensure the safety of our platform. These improvements made it easier for users in Ghana to get onboarded easily.
The VIBRA Ambassador Program
The Ambassador of the Month is a recognition given to an outstanding individual who has excelled in representing VIBRA in his/her community or country.
In this regard, we were able to confer the title on Brian Kibe, an avid data analyst from Kenya who is a will-be graduate of Computer Science at Muranga University. Brian achieved an outstanding feat compared to other ambassadors by reaching out to people and onboarding them into the platform.
Looking Forward
Looking ahead, we remain optimistic about the future of our exchange and the cryptocurrency industry as a whole. We expect the market to continue its upward trend, driven by increasing institutional adoption and the continued growth of DeFi. We plan to launch several new products and features in the coming months, including margin trading and staking, to cater to the evolving needs of our users. We will also continue to prioritize regulatory compliance and implement additional security measures to ensure the safety of our users' funds.
In conclusion, Q1 was a successful period for our exchange, with growth in trading volume and user registrations. We launched several new products and features, entered into strategic partnerships, and prioritized regulatory compliance. However, we faced some challenges that affected our operations, and we remain committed to addressing these issues and improving the user experience. We look forward to continuing our growth trajectory in the coming quarters and providing our users with a secure and reliable platform for trading cryptocurrencies.
ABOUT VIBRA
Launched in 2021, VIBRA is a multinational state-of-the-art cryptocurrency platform. As a user-oriented platform focusing on inclusiveness and community action reach, it offers over 100 digital assets and currently provides spot trading, P2P trading, savings and cross-border payments to its users in multiple countries and regions.
In 2021, VIBRA raised over $6 million in investments through pre-Series A funding. VIBRA is currently one of the top crypto platforms in Africa.
To find out more, visit https://www.vibra.one