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Nigerian Blockchain Startup Bitmama Raises $2 Million In Pre-Seed Funding

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Africa is the third world’s fastest-growing crypto market, with crypto adoption increasing by more than 1,200% over the last two years. Countries such as Nigeria, Kenya and South Africa are majorly responsible for this increased adoption.

Bitmama is a highly-secured and fast-growing crypto platform to buy, sell Bitcoin, Ethereum, Ripple, Celo and
trades other cryptocurrencies at the best rates.

Bitmama a Nigerian-based startup tech company started in 2017 as a P2P digital currency exchange before it grew into a platform where individuals can trade and manage cryptocurrencies, and digital assets seamlessly.
Today she offers a trusted platform for cryptocurrency transactions in the same vein building a technology that will redefine the way people do financial transactions through blockchain technology

Bitmama Pre-seed Funding
Bitmama recently closed its pre-seed funding round at $2 million after it added $1.65 million to the $350,000 that was raised in October last year. The funding round was led by two Africa-focused venture capital (VC) firms, namely, Unicorn Growth Capital and Launch Africa.

Also taking part in the fundraising were existing and new investors such as Adaverse, Flori Ventures, Tekedia Capital, Greenhouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, and Angellist Ventures. Angel investors that participated in the round include Rene Reinsberg, Marek Olszewski, and Honey Ogundeyi.

According to the report, the blockchain startup will use the funds raised to support its team as well as to integrate its product offerings. The funds will further be used to help Bitmama scale up use cases for cryptocurrency on the African continent.

“We started Bitmama to make it easy for anyone across the African continent to buy and sell cryptocurrency. But as time passed, we saw a couple of use cases we could employ this technology to solve” according to Bitmama’s founder and Ceo Ruth Iselema.
Ruth Iselema

Some of the use cases identified by Bitmama include the purchase of airtime or paying for utilities using crypto. Also, to help small businesses affected by foreign exchange restrictions, the startup said it has availed “virtual dollar cards for Nigerians to make international purchases.”

Bitmama is planning to introduce a “couple of innovative products” which will be the first in the market, Iselema added.

Currently, Bitmama is working on a B2B play with the use of APIs. It would assist businesses in various industries that want to offer crypto-based services to their users without building from scratch. The executives say Bitmama is testing this feature with some clients in beta

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