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African Bitcoin Exchange Busha Raises $4.2 Million Seed, Led By Jump Capital – Forbes

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Busha’s team
There aren’t many countries where residents feel the effect of inflation and currency devaluation as much as in Nigeria. Grocery prices in the country tend to be markedly higher from month to month, and the result is that many Nigerians, whose income remain stagnant, are constantly looking for alternative ways for making money. This, to some extent, tells the story of why Nigeria has one of the highest crypto adoption rates globally.
For many Nigerians, cryptocurrency isn’t merely a wealth-building tool; it’s a way out. Still, it’s early days for crypto adoption in the West African country, with only a tiny portion of the population currently using digital assets.
Two friends, Michael Adeyeri and Moyo Sodipo, are looking to onboard the next few million Nigerians into the crypto economy.
The duo’s company Busha has raised $4.2 million in a seed round led by Jump Capital. Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital and Raba Capital also took part in the round.
Jump Capital recently raised $350 million for its seventh fund. Forbes reported that the venture capital firm is dedicating 40% of the fund to the crypto market.
Commenting on his firm’s investment in Busha, Peter Johnson, a partner at Jump said:
“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.”
Busha plans to deploy the capital toward product development, growth in Nigeria, expansion to other African countries and talent acquisition. The company expects to set up shops in Ghana, Kenya and a few francophone African countries over the coming months.
Busha co-founders Michael Adeyeri (left) and Moyo Sodipo (right).
Busha launched in 2019 and has silently amassed over 200,000 registered users (not necessarily the active user count). The company’s growth has been driven by the team’s focus on building what their customers want.
“Our approach while building has always been about customer obsession,” said Sodipo, currently Busha’s chief product officer. “We pay so much attention to what our customers want versus what our competitors are doing.”
This has helped Busha build trust with its customers so much so that word of mouth has been an important growth tool for the company.
“We quickly realized that we were acquiring more customers through referrals just because we were delivering the exact kind of services that they want,” Adeyeri, who serves as Busha’s CEO added.
For Busha, being customer-centric involved building a crypto exchange that offered an experience that was as familiar as possible to what’s attainable in Nigeria’s traditional finance sphere.
First, Nigeria is one of the only 56 countries that have enabled real-time payments in some form. Nigeria Inter-Bank Settlement System Plc.—owned by all the licensed banks in the country—runs the technology that facilitates instant bank transfers. Busha sought to replicate this experience from the outset by offering instant deposits into users’ wallets and instant bank withdraws. At the time, Luno, a larger, international crypto exchange, processed withdrawals to Nigerian bank accounts only at certain hours during the day.
In addition, Nigerians tend to favor services that offer real-time, round-the-clock communication, especially when it relates to financial services. Many Nigerian banks offer 24 hours customer support via different channels.
For its part, Busha claims to offer 24-hour live in-app support, with Adeyeri and Sodipo adding that their company was the first Nigerian crypto service to offer round-the-clock withdrawals and live chat.
It remains to be seen if the company can sustain its 24 customer support operations as it onboards the next one million users into the crypto economy.
For now, though, the exchange is building it future based on customer feedback.
“My day to day involves connecting the support and marketing teams with the engineering team to make sure that every feedback that customers give is passed along,” said Sodipo. “We don’t just build based on what we like; we build and ship out features based on what our customers request.”
The next step for Busha is to offer features that make crypto usable, Adeyeri added.
The company recently launched a redesigned app that now allows users to make recurring crypto purchases, which is the basis of the popular dollar-cost averaging investment strategy.
Busha’s new app allows users to make recurring crypto purchases.
Busha plans to roll out more features over the coming months. In December the exchange will introduce a savings feature that would allow users to earn interest on their crypto.
What’s more, during the first quarter of 2022, the exchange will unveil a spend feature to enable its users spend cryptocurrencies at select online and offline retail outlets.
“We have a partnership with SureGifts [a gift card company] that will allow our customers spend crypto across their merchant network including Spart, Shoprite and Jumia,” Adeyeri said.
Busha isn’t the first or only Nigerian crypto service to tools for spending crypto or making recurring purchases. Bitnob and Accrue already offer dollar-cost averaging features. In addition, Fluidcoin is building out a crypto payment infrastructure.
Nigeria’s crypto landscape continues to be uncertain, with the West African country’s central bank banning financial institutions from doing business with cryptocurrency companies earlier in 2021.

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0.2 Zettahash: Bitcoin's Hashrate Taps New Lifetime High, Mining Difficulty Nears ATH – Mining Bitcoin News – Bitcoin News

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by Jamie Redman
Bitcoin’s hashrate tapped a lifetime high on the first day of 2022 reaching 209.39 exahash per second (EH/s). During the last 12 months, Bitcoin’s hashrate has increased by 47.92% from the 141.55 EH/s recorded on January 3, 2021.
The processing power and security dedicated to the Bitcoin (BTC) network has never been higher, and the network tapped a milestone in 2022. According to the one-year hashrate chart hosted on coinwarz.com, BTC’s hashrate tapped a high of 209.39 EH/s on January 1, 2022. At the time of writing, the hashrate is still coasting along the two hundred three quintillion hashes per second (H/s) zone, and 30-day statistics indicate the network briefly tapped 224.32 EH/s on Saturday.
Bitcoin.com News recently reported on the BTC network reaching 194.95 EH/s not too long ago on December 8, 2021. It’s also worth noting that the Ethereum (ETH) network also reached an all-time high tapping 1 petahash per second (PH/s).
On December 22, 2021, the Ethereum network reached 1.0122 PH/s and today’s metrics show ETH’s hashrate is still above the 1 PH/s on Sunday. On January 3, 2021, Bitcoin’s hashrate was 141.55 EH/s or 47.92% lower than today’s BTC hashpower statistics.
Moreover, on June 28, 2021, China’s crackdown against BTC miners caused the hashrate to plummet to 69.11 EH/s. The network’s hashrate has grown ​​202.98% since that day as a great majority of mining operations relocated to other countries. At the time of writing, the largest bitcoin mining pool is Foundry USA with 19.45% of the global hashpower or 34.79 EH/s. The second-largest mining pool in terms of global hashrate is Antpool with 16.91% of the hashrate or 30.25 EH/s.
There’s only 11 known mining pools mining BTC today and 3.81% of the global hashrate stems from unknown hash or stealth miners. BTC miners have faced two bitcoin mining difficulty increases during the last two epochs. On December 11, the difficulty jumped 8.33% and on the 25th of December, it increased by 0.32%. Bitcoin’s next mining difficulty change will bring it awfully close to the difficulty’s all-time high at 25 trillion. In just over five days, the difficulty is expected to increase by 2.90% to 24.98 trillion.
What do you think about Bitcoin’s global hashrate growing 47% during the last 12 months and tapping an all-time hashrate high on January 1, 2022? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Mad Money’s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate
The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer’s Dogecoin Warning Jim Cramer, the host … read more.
Joe Biden Claims Inflationary Pressure ‘Rests With the Federal Reserve,’ Praises the Fed’s ‘Extraordinary Support’ 
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This Tesla owner says he mines up to $800 a month in cryptocurrency with his car – CNBC

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This Tesla owner says he mines up to $800 a month in cryptocurrency with his car  CNBC
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North America’s Largest Bitcoin Miner Goes Public With a SPAC Merger (Report) – CryptoPotato

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Core Scientific Inc. started trading on Nasdaq through an estimated $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp.
Investors of Core Scientific Inc. (a leading US bitcoin mining company) have reportedly approved a plan to get listed on Nasdaq. The firm started trading under the symbol CORZ.
According to a recent report by Bloomberg, the blockchain infrastructure provider – Core Scientific Inc. – will proceed through an estimated $4.3 billion merger with the special-purpose acquisition company Power & Digital Infrastructure Acquisition Corp. (ticker XPDI).
The latter’s price shares have been on a downtrend after peaking to an all-time high of nearly $15 in November 2021. Since then, it has lost approximately 32% of its valuation.
Speaking on the partnership was Mike Levitt – Co-Founder and CEO of Core Scientific Inc.:
“We’ve worked hard to lay the groundwork that will enable us to achieve our 2022 projections. Our objective is to be the best. Being the best means doing all that we can for our business, the industry in which we participate, and for the bitcoin network.”
The Texas-based company assured it is the largest in the USA in terms of processing power as its combined mining capacity of 6.6 exahash at the end of last year significantly surpassed its rivals. In comparison, Marathon Digital Holdings had a 3.5 exahash in December 2021, while Riot Blockchain was third with 3.1 exahash.
It is also worth noting that Core Scientific mines for itself and provides Internet hosting services for other large-scale miners. Currently, the entity has a stockpile of nearly 5,300 BTC.
A month ago, the American bitcoin miner – TerraWulf – raised $200 million in debt and equity financing from a group of individual and institutional investors to expand its mining capacity. Furthermore, the firm revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX).
In turn, Marathon Digital, which is already a publicly-traded entity, spent almost $900 million to acquire 78,000 Antminer S-19 XP Miners from the Chinese manufacturer – Bitmain. The organization will receive the machinery in the second half of 2022.
Riot Blockchain was also active in the space. In December last year, it purchased the electrical equipment provider – Ferrie Franzmann Industries (known as ESS Metron) for $50 million. As a result, the latter started providing a steady infrastructure supply for Riot’s new mining machines.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

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