Nigeria-based digital platform Busha secures $4.2m seed funding to scale its crypto exchange. Busha app which helps with the purchase, sales, and storage of cryptocurrency via its mobile app has raised a seed funding of $4.2M in a recent round led by Jump Capital
The Nigeria-based digital platform Busha was founded in 2018 by Michael Adeyeri (CEO) and Chief Product Officer (CPO) Moyo Sodipo. The platform which currently holds about 2-10 employees claims to have over 200,000 users and looking to onboard one million Africans into the cryptocurrency economy.
“Our mission is to onboard the next one million Africans into the cryptocurrency economy. We have seen the significant difference in the financial freedom that Cryptocurrency can make in the lives of our over 200,000 users, and we are strongly motivated to expand across the continent,” said Michael Adeyeri, co-founder and chief executive officer (CEO) at Busha.
The startup having scaled across Nigeria and its recently secured $4.2m seed funding will aid to deepen its market positioning across West Africa and the Globe. The round also featured Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.
Busha recently launched a revamped version of its app which has features such as minimum purchases for as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring buys.
The Nigeria-based digital platform Busha intends to launch a savings feature that allows users to earn interest on their cryptocurrency from next month and early next year. Also, it will allow users to spend cryptocurrencies at selected online and offline retail outlets. The latter is under development in partnership with SureGifts, a gift card company.
With the rapid adoption of Cryptocurrency in Africa, the inclusive offering from Busha is right in line with the company’s stated mission which is to make crypto accessible to a broader population and reduce entry barriers.
“We take pride in being the first in the market to introduce laudable and tangible innovations such as instant payouts and 24/7 human customer service,” said co-founder and chief product officer Moyo Sodipo.
“This funding will go a long way in empowering us to do more, improve on our security, and take a definitive leadership position in our target markets.”
What the Nigeria-based digital platform Busha seeks to offer with its platform will surely appeal to young Nigerians who are increasingly trading crypto in a bid to have better financial mobility and create wealth opportunities amid the harsh economic realities.
For the records, there are over a million registered accounts from Nigeria on Paxful, an international peer-to-peer P2P bitcoin marketplace. That accounts for more than 25% of the platform’s customer base, with Nigeria being the second to the US by the volume of bitcoin which is being traded.
Peter Johnson, partner at Jump Capital also stated that “We believe Nigeria and the African continent are one of the most promising places for cryptocurrency in other to create room for significant impact in the financial freedom to millions of individuals”
With more Africans getting involved in the crypto realm, Busha plans to leverage on the resources from its new investors to offer “market-beating prices and returning more value to its customers while maintaining proactive compliance and regulation,” the company said.
“We are happy to partner with the Busha team to continue to enhance their market-leading product offering.”
