Africa-based cryptocurrency exchange, Busha, has raised a $4,200,000 seed round led by Jump Capital.
Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors also participated in the financing round for Busha.
Since 2019, Busha has been scaling its services across Nigeria, and the new funding will go toward deepening its market positioning across West Africa and other regions on the continent.
“Our immediate mission is to onboard the next one million Africans into the crypto economy. We have seen the significant difference in the 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 CEO at Busha.
Busha’s growth has been driven by superior customer experience and an exciting feature set. The company recently launched a revamped version of the app with innovative features like minimum purchases as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring buys.
“We pride ourselves in being first in the market to introduce tangible innovations such as instant payouts and 24/7 human customer service,” said Moyo Sodipo, co-founder and chief product officer, Busha. “This funding will empower us to do more faster, improve our security, and take a definitive leadership position in our target markets.”
With a young population desperate for better financial mobility and wealth-creation opportunities, crypto adoption in Africa continues to accelerate.
Busha intends to leverage resources from its new investors to offer market-beating prices and return more value to its customers while remaining proactive with compliance and regulation.
“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.”
“Emerging markets continue to be an attractive prospect for digital assets as a means to globalize payments and level the financial playing field. The Busha team has proven to be efficient operators in bringing this vision to reality,” said Max Shapiro, co-founder and managing partner at Cadenza Ventures.