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BuyCoins

Sector: Financial Services
Country: Nigeria
Founders: Ire Aderinokun, Timi Ajiboye
Funding: $120,000
Founded: 2017
Investors: Y Combinator, Precursor Ventures

Details

According to Quartz Africa, in July 2016, Manasseh Egedegbe, an Abuja-based investment manager, was caught in the crosshairs of Nigeria’s dollar crunch and had some difficulties making an international payment. At the time, with Nigeria’s foreign reserves and revenues shrinking amid an economic slump, the Central Bank of Nigeria (CBN) put up currency controls to restrict access to dollars. For Egedegbe and many other Nigerians, that presented a problem. In his desperation, he turned to the cryptocurrency wave of the moment: bitcoin. BuyCoins is a cryptocurrency exchange for Africa. It is the only exchange in Nigeria that allows Nigerians to buy and sell cryptocurrencies, ranging from Bitcoin and Ethereum to Litecoin and Bitcoin Cash, directly with their local bank account or debit card. The startup is a graduate of Y Combinator - Summer 2018 Batch and subsequently received $120,000 in seed funding. They also received an undisclosed amount from Precursor Ventures.