The South Africa-based cryptocurrency exchange Coindirect has secured $1.13 million in funding, reported FinSMEs on February 21, 2019. This first funding round was led by Concentric as well as participation from crypto wallet provider Blockchain.com, and MakerDAO.
Coindirect to Expand Business in Africa and Europe
Crypto adoption seems to be steadily making its way through the veins of Africa. In the latest development, the exchange platform Coindirect has successfully raised $1.13 million in its funding round.
Per sources close to the matter, the firm will use the new funds to expand its business in Africa. The company will also look to increase its business footprint in Europe in partnership with Blockchain.com, MakerDAO, and other companies which are expected to be announced in the coming months.
The exchange platform was founded by Donald Jackson, Jesse Hemson-Struthers, Nicholas Haralambous, and Stephen Young. It enables customers to trade popular digital currencies such as bitcoin (BTC), and ether (ETH) using local currencies.
In a statement made on February 21, 2019, the company said:
“Realising that emerging markets have largely been ignored by existing cryptocurrency services, the founders set out to bring widespread cryptocurrency adoption to people in these regions, which they believe can benefit the most from its decentralized approach to finance.”
Coindirect offers support for more than 40 cryptocurrencies and allows users to trade them using their mobile phones or desktop browser. The exchange already has 40,000 registered users in South Africa.
Sharing his thoughts regarding the latest round of funding, Coindirect’s chief operating officer, Nicholas Haralambous, said:
“Coindirect is on a mission to change money by building a bridge between the decentralized world of crypto and the centralized world of traditional finance. Our goal is for everybody, from a first-time buyer to a pro-investor, to easily and securely be able to buy, sell, trade and track their assets in one place.”
Crypto Taking Africa by Storm
BTCManager reported on November 2, 2019, how Paxful, a P2P bitcoin marketplace, concluded the growing demand for cryptocurrencies among the African consumers. The firm observed a significant increase in the number of crypto-related transactions in Africa, especially among the millennial demographic.