Busha, a Nigerian cryptocurrency exchange, raises $4.2 million in a seed round.

Busha, a Nigerian cryptocurrency exchange, has raised $4.2 million in seed funding to expand across Africa.

Busha, which was founded in 2019, allows users to buy, sell, and manage their cryptocurrency portfolios through an easy-to-use mobile app.

The startup has been expanding across Nigeria, and it has now raised a US$4.2 million seed round to strengthen its market position in West Africa and other parts of the continent. Jump Capital led the round, which also included Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital, Raba Capital, and other investors.

“Our immediate goal is to enroll the next million Africans in the crypto economy.” “We have seen the significant difference that crypto can make in the lives of our over 200,000 users, and we are very motivated to extend this to more people on the continent,” said Michael Adeyeri, co-founder and CEO of Busha.

The startup recently updated its app, adding features such as minimum purchases as low as 50 cents for a more inclusive offering, one-click limit orders, and automated recurring purchases.

“We take pride in being the first in the market to introduce tangible innovations like instant payouts and 24/7 human customer service,” said Moyo Sodipo, co-founder and chief product officer. “With this funding, we will be able to do more faster, improve our security, and establish a clear leadership position in our target markets.”

“We believe Nigeria and the African continent are among the most promising places for crypto to make a significant impact in providing financial freedom to millions of individuals,” said Jump Capital partner Peter Johnson. “We are excited to continue to collaborate with the Busha team to enhance their market-leading product offering.”