Nigerian blockchain startup Bitmama has raised money from venture capital firms investing in Africa to create solutions based on cryptocurrencies.
The preliminary funding round closed at $2 million. A year ago, in the fall of 2021, $350,000 was raised, and this year another $1.65 million. Two Africa-focused venture capital companies, Unicorn Growth Capital and Launch Africa, have invested the most.
The startup intends to use the attracted investments to support its team and product integration. And also to expand the possibilities of using cryptocurrencies on the African continent.
Ruth Iselema, founder and CEO of Bitmama, said that the main goal of the company is the integration of digital assets among the population of Africa, which does not have access to financial services of banking organizations.
“We launched Bitmama to make it easy for anyone on the continent to buy and sell cryptocurrencies. Over time, we saw a couple of new use cases for cryptocurrencies for our projects,” Bitmama said.
Iselma added that the company plans to introduce “a couple of innovative products” that have no analogues in the market. In particular, Bitamama has already used cryptocurrency to purchase airtime and in utility payment services.
To help small businesses hit by currency restrictions, a Nigerian businessman is promising to use “virtual dollar cards for Nigerians to make international purchases.”
Cryptocurrency exchange Binance is currently in talks with the Nigerian Export Processing Zones Authority (NEPZA) to establish a virtual free trade zone for the development of blockchain and cryptocurrencies. P2P trading platform Paxful reported in July that Nigerian citizens showed a growing interest in digital currencies in the first half of 2022.
Source: Bits
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