Jump Capital recently led an investment round to fund Busha’s Nigerian crypto-exchange, which raised more than $4 million.
Busha, Nigeria’s cryptocurrency exchange, has raised $4.2 million in seed financing. According to the exchange these funds will be used for expanding its operations in Africa.
Financial Freedom
Disrupt Africa reported that Jump Capital was in charge of the financing round, which also included Cadenza Ventures (Blockwall Capital), CMT Digital and Greenhouse Capital.
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 stated:
We are currently working to bring the next million Africans onto the blockchain. Over 200,000 of these users are now financially free, which has made us very excited to help more Africans.
Busha’s recent redesign of its app allowed for minimum purchase of 50 cents. This allows Busha to offer a wider range of products, including limit orders with one click and automated recurring buying.
The Most Promising Location 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.”
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