Busha, a Nigerian cryptocurrency exchange, has acquired $4.2 million in venture capital to expand throughout Africa.
Busha is a cryptocurrency platform that allows users to purchase, trade, and manage their cryptocurrency portfolios using a simple mobile app.
The firm has been expanding across Nigeria, and it has now secured a seed round of US $4.2 million to expand its market position across West Africa and other parts of the continent. Jump Capital led the round, which included investors such as Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and others.
“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,” said Michael Adeyeri, co-founder and chief executive officer (CEO) at Busha.
The company just released a new version of its app, which includes features like 50-cent minimum purchases for a more inclusive offering, one-click limit orders, and scheduled recurring purchases.
“We pride ourselves in being first in the market to introduce tangible innovations such as instant payouts and 24/7 human customer service,” said co-founder and chief product officer Moyo Sodipo. “This funding will empower us to do faster, improve our security, and take a definitive leadership position in our target markets.”
“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,” said Peter Johnson, partner at Jump Capital. “We are excited to work with the Busha team to continue to enhance their market-leading product offering.”
