Busha, a Nigerian digital platform that enables users to purchase, sell, and store cryptocurrencies, has received $4.2 million in seed funding.
The cryptocurrency exchange was founded in 2018 by CEO Michael Adeyeri and Chief Product Officer (CPO) Moyo Sodipo with the goal of “onboarding the next set of one million Africans” into the crypto economy.
“We’ve witnessed the genuine impact that crypto can make in our customers’ life in terms of financial freedom, and we’re really driven to expand this to more people across the continent,” Adeyeri said.
The company just released a new version of its software that allows customers to buy cryptocurrency for less than $1 (550) and includes features like one-click limit orders and automated recurring purchases.
The inclusive offering from Busha is in line with the company’s stated objective to make crypto accessible to a broader population and lower entry barriers, as crypto use in Africa continues to increase.
Busha’s product would undoubtedly appeal to young Nigerians who are increasingly trading cryptocurrency in order to improve their financial mobility and wealth creation chances in the face of difficult economic conditions.
The new funds will be used to strengthen the company’s market position in Nigeria, Africa’s top crypto economy, where all of its users are situated.
Read more on Tech Gist Africa:
Mobiz, a South African SaaS mobile marketing platform, has raised $4 million in pre-Series A funding
Kippa, a Nigerian accountancy firm, has raised $3.2 million in pre-seed funding