Nigeria’s cryptocurrency startup, Busha, secures N1.72 billion from foreign investors, despite CBN clampdown

Nigeria’s cryptocurrency startup, Busha, secures N1.72 billion from foreign investors, despite CBN clampdown

  • Busha, a Nigerian cryptocurrency exchange startup, has announced raising a US$4.2 million seed funding round.
  • The crypto trading company stated that the new investment will see its product scaling across Africa.
  • Busha was founded in 2019 as a crypto platform by two friends allowing users to buy, sell cryptocurrency

Busha, a Nigerian crypto-exchange platform founded by two friends, Michael Adeyeri and Moyo Sodipo has raised $4.2 million(N1.72 billion) in seed funding.

The funding is coming despite the Central Bank of Nigeria's continuous campaign against Nigerians trading on cryptocurrency.

The round was led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.

The new funds the company said will be used to strengthen its market position in Nigeria, recruit more people, and expand into other African nations, according to the company.

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Nigeria’s cryptocurrency startup, Busha, secures N1.72 billion from foreign investors
Nigeria entrepreneurs continue to get interest from investors Credit: Busha
Source: Facebook

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Speaking about the latest funding round, Michael Adeyeri, co-founder and CEO of Busha said:

“Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in financial freedom that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent.”

Busha launched in 2019 and has silently amassed over 200,000 registered users (not necessarily the active user count). The company’s growth has been driven by the team’s focus on building what their customers want.

For Moyo Sodipo, co-founder and Chief Product Officer at Busha told forbes that the company is very focused has always been on customer obsession,

“We pride ourselves in being first in the market to introduce tangible innovations such as instant payouts and 24/7 human customer service. This funding will empower us to do more and faster, improve our security, and take a definitive leadership position in our target markets.”

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For Peter Johnson, a partner at Jump the lead investor said:

“We believe Nigeria and the African continent are one of the most promising places for crypto to make a significant impact in offering financial freedom to millions of individuals.”

Three Nigerians, Ikenna, Chidi, Oghenetega Get N197.7m

Meanwhile, three young Nigerians recently won nearly half a million dollars from Chinese billionaire, Jack Ma.

Legit.ng reported that the funds were given to startups across Africa that set out to solve major problems within their countries.

Among the 10 finalists listed, Nigeria's Ikenna Nzewi came 2nd as Jack Ma foundation disclosed over 12,000 applications were submitted.

Source: Legit

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