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HomeCrypto NewsNigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Spherical – Africa Bitcoin...

Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Spherical – Africa Bitcoin Information

After elevating $1.65 million by way of a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now closed its pre-seed funding spherical at $2 million, a report has stated. Main the funding spherical had been two Africa-focused enterprise capital corporations: Unicorn Development Capital and Launch Africa.

New Funding to Assist Bitmama Scale Up Crypto Use Instances in Africa

A Nigeria-based blockchain startup, Bitmama, just lately closed its pre-seed funding spherical at $2 million after it added $1.65 million to the $350,000 that was raised in October final yr. Based on a Techcrunch report, the funding spherical was led by two Africa-focused enterprise capital (VC) corporations, particularly, Unicorn Development Capital and Launch Africa.

Additionally taking part within the fundraise had been present and new traders corresponding to Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel traders that participated within the spherical embody Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.

Based on the report, the blockchain startup will use the funds raised to bolster its workforce in addition to to combine its product choices. The funds will additional be used to assist Bitmama scale up use instances for cryptocurrency on the African continent.

Shopping for and Promoting Crypto on Bitmama

In remarks following the announcement, Ruth Iselema, a founder and the chief government officer at Bitmama, stated:

We began Bitmama to make it simple for anybody throughout the African continent to purchase and promote cryptocurrency. However as time handed, we noticed a few use instances we might make use of this know-how to resolve.

As per the report, a few of the cryptocurrency use instances recognized by Bitamama embody the acquisition of airtime or paying for utilities utilizing crypto. Additionally, to assist small companies affected by overseas trade restrictions, the startup stated it has availed “digital greenback playing cards for Nigerians to make worldwide purchases.”

In the meantime, Iselema can also be quoted within the report suggesting that Bitmama is planning to introduce a “couple of revolutionary merchandise” which would be the first available in the market.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively in regards to the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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