THELOGICALINDIAN - Bit Sika a Jack Dorseyapproved crypto remittance startup from Africa has already hit 1 actor in affairs afterwards ablution alone four months ago
Jack Dorsey’s African Crypto Vision
It is acclaimed that Twitter CEO, Jack Dorsey, durably believes that cryptocurrencies accept a above abeyant to change the bread-and-butter bearings in Africa. In backward 2019 Bitcoinist reported, he alike went on a bout through several African countries, talking to their entrepreneurs, and authoritative plans to return for as continued as six months in mid-2020.
Now, according to some reports, his acceptance that crypto could be abundantly accessible to African citizens seems to be absolutely accurate. The letters in catechism affair a crypto remittance app accepted as Bit Sika.
The app is a startup that has alone been about for about four months at this point, and it allows users to accelerate and/or absorb money in Nigeria and Ghana. However, the app fabricated account due to above use, which accustomed it to ability a anniversary of $1 actor in affairs aural the accomplished four months.
The development of Bit Sika
According to statistics, the boilerplate amount of anniversary transaction on the belvedere is about $200. Meanwhile, the app itself allows users to accelerate crypto and authorization currencies alike, and move money from buzz to phone. However, while the app does use authorization currencies as well, it is primarily based on crypto. In fact, its fiat-to-fiat remittance is absolutely backed by cryptocurrency, but alone in the background.
The belvedere originally started out as a alms app, which would acquiesce bodies to accelerate donations from abroad. Those donations would again be delivered to African citizens who bare them, with the absolute action actuality transparent, cheap, and simple.
The project’s co-founder, Atsu, talked about the aboriginal canicule of the app, advertence that it took him 4-5 weeks to actualize the aboriginal adaptation of it. He and his aggregation discussed the app and its purpose, eventually chief to accomplish it as convenient as possible, acquisitive that it will acquisition its way to accustomed use.
The app eventually acquired into what it is appropriate now, and acknowledgment to the $1 actor in transactions, the developers are authoritative affairs to aggrandize Bit Sika into added African countries.
Bit Sika’s affairs for the future
As mentioned, Bit Sika accustomed a lot of abutment during its abbreviate history. While Jack Dorsey’s abutment remained absolutely a moral one, there were others who accurate it through investments, as well. It is aces of agenda that the activity became the aboriginal non-Nigerian advance that was fabricated by a aggregation alleged Microtransaction.
The close explained its accommodation to advance in Bit Sika by adage that the activity fabricated cross-border payments negligible in cost, while additionally authoritative them auditable and instant. As such, the belvedere can advice millions of Africans, including individuals and businesses alike.
It is additionally account acquainted that the African startup ahead alternate in Binance’s evolution program.
Also, the activity is now alive on its amplification into the francophone market, as the app became accessible in Ivory Coast, Mauritius, Mali, Senega, Gabon, and Cameroon, in accession to the countries area it was already active.
In the future, it is additionally planning on carrying its own, Binance-based stablecoin — African Stablecoin (ABCD), which it announced in backward 2019. The bread is accepted to see a barrage in January 2020.
Do you accede with the abstraction of cryptocurrencies transforming Africa into a added affluent region? Let us apperceive your thoughts in the comments below.
Image via Shutterstock, Twitter @atsudavoh
