Nigerian Crypto Exchange Manages to Raise $4 Million

Busha is a Nigerian crypto exchange that recently managed to raise an impressive sum of $4 million in a funding round that was headed by Jump Capital. The figures indicate that the exchange managed to raise seed funding of about $4.2 million to be exact and this is quite impressive. According to the exchange, it plans on using these funds for expanding its operations all over Africa. Disrupt Africa published a report about the matter, which disclosed that the funding round was led by Jump Capital, but some other prominent names were also involved. Some of the notable names include Greenhouse Capital, Cadenza Ventures, Raba Capital, CMT Digital, Blockwall Capital, and other investors. 

After the announcement of the funds raised, the co-founder and the chief executive of the exchange, Michael Adeyeri elaborated about the primary objective of the platform and how the latest funding round would come in handy. He stated that their immediate plans were to get about one million Africans to join the crypto bandwagon. He added that they had about 200,000 users on the Busha exchange and he had seen the big difference that crypto can make when it comes to financial freedom. The CEO said that this had motivated them to help more people in the continent achieve this freedom and change their lives.

This announcement of additional capital comes soon after a revamped version of its app was introduced by the Busha crypto exchange. The app now permits its users to make purchases of cryptocurrencies for as low as 50 cents. Their goal was to present a more inclusive offering and some other features that have also been incorporated in the app include automated recurring buys and one-click limit orders. Meanwhile, another co-founder of the Busha crypto exchange, Moyo Sodipo was also quoted in the report. 

He praised the pioneering innovations of the crypto exchange, such as the 24/7 customer support they offer to their clients as well as the instant payouts. As far as the latest capital raising is concerned, Sodipo said that the funds would help the exchange in providing quicker and faster services, improve their security and also take a leadership position in most of their target markets. A partner at Jump Capital, Peter Johnson said that his company was very excited to work with the Busha crypto exchange. He said that the exchange operates in what he regards as a very promising place for crypto to have a major impact by offering financial freedom to millions of people.

However, it is worth noting that Nigeria has been facing trouble where crypto regulation is concerned. The Central Bank in Nigeria (CBN) does not have a favorable stance when it comes to cryptocurrencies. As a matter of fact, it issued an order for all banks in the country to freeze or shut down accounts of all individuals and entities that are engaged in crypto trading. An advocacy group for crypto and blockchain has declared this move unlawful, but there is no denying that many accounts have been blocked as a result.