Microtraction Invests in Bitkoin Africa

Bitkoin Africa is a P2P cryptocurrency trading platform where users can sell and buy cryptocurrency from other users. Founded by ‘devstars’ – Timi Ajiboye and Ire Aderinokun, the startup is catering to Nigerians in Nigeria who are interested in trading cryptocurrency, together they’ve built a cryptocurrency exchange platform for the natives of their country.

The company was founded at a time Bitcoin, the strongest & largest cryptocurrency in the world got everyone hyped. The hype has reduced this year following an evaluation that almost reached $20,000 last year, this year it’s been coasting between the $5,000 -$8,000 range with experts still speculating a rise in value towards the end of the year when everyone buys in.

Our investment in Bitkoin Africa is the true definition of microtraction. I believe when a good opportunity, in this case, a large, fast-growing market, meets a good entrepreneur, great things happen. This investment is about convexity, that is, we have limited downside and unlimited upside. The downside is the total loss of our investment capital but the upside is being able to play a role in helping build a company that democratises not just access to cryptocurrencies, but an open financial infrastructure that has the potential to enable a variety of things from remittances, credit, insurance, capital formation to decentralised store of value. I believe that the founders of Bitkoin Africa are well suited to navigate the opportunities or challenges to come. – Yele Bademosi, Founder & Managing Partner Of Microtraction tells Disrupt-Africa.

Bitkoin Africa got a recent investment from Microtraction, an early-stage investment platform that funds smart, relentlessly resourceful companies who are aiming to structure high growth, technology driven businesses in $Bn markets from Africa through their product, idea or vision. Microtraction plans to invest US$65,000 in two start-ups and Bitkoin Africa is one of the recipients of an undisclosed amount.

Adedayo Laketu

Adedayo Laketu is a creative inventor who's interested in curating a New Age for Africa across all mediums.

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