South African based cryptocurrency platform Coindirect raised €1million in an investment round led by Concentric, Blockchain.com and MakerDAO. Coindirect allows its users to receive and send Litecoin, Bitcoin, Tether and Dash directly from their wallet. The platform was founded by Donald Jackson, Jesse Hemson-Struthers, Nicholas Haralambous and Stephen Young on the belief that Cryptocurrency will change the way people use money.
The founders have diverse entrepreneurial and institutional experience they offer to the business. Jackson, Haralambous and Hemson-Struthers have built and sold multiple businesses including; mobile technology, social networks and the regulated gaming industry, across Africa. Young has a financial and software development background.
The platform allows users buy and sell cryptocurrency with traditional local fiat currency, wherever they are accessing their mobile device and desktop browser. The platform supports about 40 different cryptocurrencies and it is the largest offering in Africa. It aids data sensitive users in markets where data coverage is limited and cost is high. With over 40,000 registered users, the platform is available for download on iOS and Android platforms.
Coindirect plans to expand across Africa and Europe with the secured investment. They plan to bring cryptocurrency to emerging markets as the demand for alternative ways banking money engagement increases.
See also: Reserve Bank proposes stricter cryptocurrency regulations for South Africa in 2019
Nic Haralambous, COO, Coindirect, said “Coindirect is on a mission to change money by building a bridge between the decentralised world of crypto and the centralised world of traditional finance. Our goal is for everybody, from a first-time buyer to a pro-investor, to easily and securely buy, sell, trade and track their assets in one place. This round of funding and the key partners we have on board take us a step closer to our objective of achieving mainstream adoption of cryptocurrency in Africa and across the globe.”
Alexander Mann, Investor at Concentric, also said “Coindirect is tapping into a genuine use case for cryptocurrencies – and Bitcoin’s original purpose – which is to give citizens in countries with poor governance a chance of financial freedom. The business is in a fantastic position to expand its distribution across Africa and internationally, thanks to a stellar team with extensive entrepreneurial experience, and an understanding of how to scale early-stage ventures. With few sophisticated competitors currently challenging in this market, we’re excited to see what the future holds for the business.” he said
Rune Christensen, CEO and co-founder of MakerDAO “Maker believes the blockchain has the power to create an inclusive platform for economic empowerment. Working with Coindirect to help people purchase and trade cryptocurrencies with their local currency is one step closer to providing people around the world with equal access to the global financial marketplace.”
Harrison, the Managing Partner at Blockchain.com, said “At Blockchain, we’re committed to advancing the crypto ecosystem and providing consumers with financial utility beyond speculation. We believe the emerging markets use case for blockchain technology is compelling for both payments and also as a store of value. This is particularly true in regions with less developed payments infrastructure, high inflation, and restricted access to traditional banking services. We’re thrilled to work with Coindirect with the mission of bringing crypto to the hands of the consumer”.
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