Busha – a Nigerian crypto-exchange platform that helps users buy, sell, and manage their cryptocurrency portfolio has raised the sum of $4.2 million in its recent seed funding.
The seed round which was led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors would be used to strengthen the company’s market position in Nigeria, giving opportunities for more people and aid in expanding the company’s reach to other African nations.
Busha is one of Africa’s leading digital asset platforms on a mission to onboard millions of Africans into the crypto economy.
Founded in 2019 by Michael Adeyeri (CEO) and Chief Product Officer (CPO) Moyo Sodipo, the company is building software and services that will enable their users to experience the blockchain-enabled future of finance.
Per Busha, the company’s growth has been driven by superior customer experience and an exciting feature set. According to the startup, it has over 200,000 registered users and has executed over 1.5million trades.
The startup recently launched a revamped version of the Busha 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.
Busha has over a hundred thousand downloads on play store and offers zero transaction fees when you buy or sell with fiat – a legally binding command or decision entered on the court record (as if issued by a court or judge).
Responding to the Seed Raised
According to Peter Johnson, Partner at Jump Capital, he said that Jump Capital believes in Nigeria and the African continent as one of the most promising places for crypto to make a significant impact in offering financial freedom to millions of individuals. He further revealed that they’re excited to work with the Busha team to continue to enhance their market-leading product offering.
Max Shapiro, co-founder and Managing Partner at Cadenza Ventures said, “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.”
Michael Adeyeri, co-founder & CEO at Busha; “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.”
Moyo Sodipo, co-founder and Chief Product Officer at Busha; “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.”