Bitcoin exchange Bitmama has launched in Nigeria, providing a platform for traders to convert their fiat currency into crypto.
Bitmama has launched allowing users to purchase only Bitcoin, but will be adding Ethereum, Stellar, Eos, Dash and Ripple in the coming months.
The platform already has almost 400 users, having gone live in January, and raised an undisclosed amount of funding from the GreenHouse Lab accelerator programme last year.
“We are first focusing on Nigeria and Ghana given the high curiosity about Bitcoin in these markets. In the long run, the goal is to be a pan-African platform that will work to unite the continent,” said chief executive officer (CEO) Ruth Iselema.
Bitmama, which makes money from transaction fees, said it faces challenges as a small African startup operating in the globalised world of cryptocurrencies.
“We’re not primed to compete with large globally-funded tech startups, but we think we can close this gap once volume ramps up, thereby making us more competitive. We also spend a lot of time educating the public on what exactly crypto is, and we hope that over time it becomes more mainstream, easing our ability to convert users,” Iselema said.