Just recently, some days back, we reported that Yele Bademosi’s Microtraction had invested an undisclosed amount in digital savings platform, cowrywise (it was just days after Piggybank raised their $1 million seed funding). Well, today, Microtraction have announced a second investment in a startup, and this time it’s Bitkoin Africa.
Bitkoin Africa is a platform that combines “the core functionality of a cryptocurrency exchange with indigenous payment processing solutions” to enable Nigerians (and Africans) easily buy cryptocurrency online, a service which was not very available before now. The startup was founded by developers, Timi Ajiboye and Ire Aderinokun, both self taught.
Announcing the investment in a blog post, Managing partner at Microtraction, Yele Bademosi believes a “company like Bitkoin Africa needs founders that have the technical expertise to develop the technology required to build a crypto-fiat gateway and exchange. Ire and Timi are not only highly technical & competent founders who fit this description, they are learners.”
While Microtraction invested in the startup when they were building the very first version of the product, which was a web-based peer-to-peer exchange platform. Over the last few months, the founders worked on a second version called Buycoins, a cash-to-crypto app that makes it even easier to start owning cryptoassets.
We cannot but acknowledge the level of volatility of cryptocurrencies, but then, stocks are also volatile, it’s just the level that differs. Bitkoin Africa (and Buycoins) having great technical founders should start shopping for product marketers who’ll do justice to getting their amazing product out there to (potential) users. With a back load of investor’s cash, this should be quite easy.