The crypto sector in Nigeria is usually one people fear and are sceptical about. This is because the market is susceptible to a lot of losses, scams, and extortions. Tech startup founders, crypto experts, exchange brokers, and enthusiasts have all encountered losses or been scammed which led to the quest of building convenient platforms for crypto exchange to minimize losses.
These encounters range from scams to losing access to their crypto wallets to investing a lot in crypto-assets that didn’t have any prospects of success. Regardless of how tragic the crypto sector can be, If you don’t give up on these digital assets and gather correct information about them, eventually these losses will turn into significant gains. Many genuine platforms such as Lazerpay, Nestcoin, Bitmama, Busha, etc, are providing reliable and secured means to buy, store and sell cryptocurrencies in Nigeria. This article focuses on Busha, a Nigerian-based crypto exchange platform that is providing convenient ways to exchange crypto seamlessly.
Founded by the chief executive officer Michael Adeyeri and Chief Product Officer (CPO) Moyo Sodipo in 2018 out of the need to extend the financial freedom crypto offers to Africans. Busha is a digital currency and exchange platform that allows consumers and merchants to trade using digital currencies such as Bitcoin and Ethereum safely and securely. Users can also use the Busha platform to swap cryptocurrencies. Busha is easy to use, accessible, user-friendly, and focuses on using innovation and efficiency to improve cryptocurrency adoption in Africa.
The cryptocurrency exchange platform claims to have more than 200,000 users and aims to onboard the next set of one million Africans into the crypto economy. With the Busha app, you can buy, sell, trade, schedule recurring orders and set limit orders for cryptocurrency. Busha did so well under the leadership of Sodipo and Adeyeri without raising any external funding.
In November 2021, Busha raised a seed round of $4.2 million led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, and CMT Digital, among others. According to the company, the new funds will be used to strengthen the company’s market position in Nigeria, recruit more people, and expand into other African nations. Busha is currently working on an expansion into other countries across West Africa with plans to launch when its 30-person team is comfortable to protect the interests of users there and support any compliance efforts by the authorities. They also have plans to dominate East Africa, particularly Kenya and Uganda. They are already prospecting these regions for opportunities to expand safely.
The startup launched a revamped version of its app that allows users to buy crypto for less than $1 (₦550) while offering features such as one-click limit orders and automated recurring buys. Busha also gave out N2,000 in free Bitcoin to its new customers in December 2021 to commemorate the Christmas season. New Users only needed to download the Busha Android or iOS app, sign up, and complete their verification up to Level 2. The campaign was open to the first 25,000 new customers in Nigeria without an existing Busha account as their way to give back to their community while creating awareness about crypto. Their existing users, aka #BushaFam, are not left out of the campaign. They can refer their friends to use Busha, and they will both get N500 once their friend trades up to N10,000.
Their plan to launch an offering for users to spend cryptocurrencies at selected online and offline retail outlets are currently being developed in partnership with SureGifts, a gift card company while the savings feature that would allow users to earn interest on their crypto, the Busha yield was launched On March 14, 2022. Busha Yield enables customers to earn up to 10% annual percentage yield, eight times the minimum rate for savings deposits with banks 1 on Dollar stablecoins (regulated stablecoins with 1:1 peg the U.S. dollar).
This service enables Everyday Nigerians, as well as crypto investors to buy, sell, save, and earn real interest on cryptocurrencies including Dollar equivalent stablecoins through the easy-to-use, reliable, and secure Busha app. With interests being paid out daily, and flexible redemption with no penalties, this will be the best flex savings for Dollar equivalent assets in Nigeria offering a high and reasonable yield.
Customers can also transfer their current USDT/USDCbalances, or easily purchase with Naira to transfer into Busha Yield wallet to earn interest for however long the balance is maintained. Over time, Busha Yield will be exposed to institutional customers who want to start earning on dormant balances. The launch of Busha Yield is the first major product release since the announcement of the seed round investment in Busha last year November led by Chicago-based Jump Capital. Busha Yield is immediately available to all customers with a minimum subscription of 10 USDT/USD coins. This is the only requirement to get started and no other fees are required to transfer into or redeem from Yield wallet. In the coming months, other crypto assets will be made available on Busha Yield.
The platform currently has over 200,000 registered users and has executed 1.5 million trades. Busha has over 100k downloads on the play store and is available on the iOS application store. It also offers zero transaction fees when you buy or sell with fiat( normal currency).
Featured Image Source: Makemoney NGGot a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- Consumer Technology: Smartphone Penetration in Nigeria
- Consumer Technology: E-commerce and Digital Payments
- 7 Things to Consider Before Choosing a Fibre to the Home Provider in Nigeria
- 8 Productivity Hacks for Tech Professionals
