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A Nigerian crypto exchange, Busha, recently raised over $4 million in a funding round led by Jump Capital.
Busha, a Nigerian cryptocurrency exchange, is reported to have raised a $4.2 million seed funding round recently. These funds, according to the exchange, will be used to expand its operations across Africa.
According to a report by Disrupt Africa, Jump Capital led the funding round that also featured Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.
In his comments following the announcement, Busha co-founder and CEO Michael Adeyeri is quoted explaining the exchange’s key objective and how the latest funding round helps the company. He 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.
The announcement of the capital raise comes after Busha had just launched a revamped version of its app which now enables minimum purchases of as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring buys.
Most Promising Place for Crypto
Meanwhile, the report quotes another Busha co-founder, Moyo Sodipo, who lauds the cryptocurrency exchange’s pioneering innovations such as instant payouts and 24/7 customer support. Concerning the latest capital raise, Sodipo said: “This funding will empower us to do more faster, improve our security, and take a definitive leadership position in our target markets.”
Peter Johnson, who is a partner at Jump Capital, said his firm was excited to work with Busha which operates in what he called the “most promising places for crypto to make a significant impact in offering financial freedom to millions of individuals.”