Despite regulatory hitches, the African blockchain ecosystem has been mooning for some couple of months now. Just last week, Yellow Card, a Pan-African crypto exchange, raised $15 million in its Series A round.
On this note, Bitmama announced that it has successfully closed a $350k pre-seed round. Flori Ventures, a seed-stage venture fund, led this round along with some other major investors like Emergence Capital and Fedha Capital.
The CEO and Founder of Bitmama, Ruth Iselema, commented about the new milestone thus:
“We believe the continent’s crypto landscape will experience massive growth in user base and trading volumes in the next couple of years and we are aiming to build an efficient blockchain infrastructure that is firm and flexible enough to help users navigate complexities and facilitate secure cryptocurrency transactions across the continent.”
Bitmama is an African blockchain company with two products: Bitmama.io and Changera. Bitmama.io is a crypto exchange, while Changera would facilitate cross-border payments on an international scale.
According to the brains behind Bitmama, the pre-seed fund would be directed towards “operational presence, expand its team, and penetrate new markets across the continent, while rapidly scaling crypto and payment solutions in Africa”.
In other words, the main aim of Bitmama is to be equipped with more talents and gain more grounds in Africa. The Startup hopes to broaden its reach beyond Ghana and Nigeria which has been its primary market.
It plans to penetrate other African countries and gain more users from different places. At the moment, Bitmama has recorded over $6 million in transactions in 2021 so far.
Read also: PrimeDAO Raises $2 Million In A Seed Round.