BuyCoins, a Nigerian start-up has opened cryptocurrency to all with Sendcash, its new product.
This enables its users to get money in their bank account anywhere across the globe using Bitcoin.
Starting its operations in 2017, the start-up has a peer-to-peer platform called Bitkoin Africa.
The start-up rebranded and moved into broker exchange using the same format on its platform in the mid of 2018.
The start-up launched a mobile app for both iOS and Android after the transition.
BuyCoins allows Nigerians to make transactions in cryptocurrencies.
The start-up records up to US$7 million digital cash transactions on its peer-to-peer platform for each month.
Teju Adeyinka, Product Manager, BuyCoins said, “We found that although there was some interest in crypto in Nigeria, it was pretty difficult to buy and sell cryptocurrencies with Nigerian bank accounts and cards.
So, we created a platform to do just that, and we have tried to evolve as we learn more about the market and our users,”
With an increase in its usage, the startup is extending its base to Nigerians with less inclination to tech with the launch of Sendcash.
Going by this new product, users can get money into their Nigerian bank accounts from anywhere in the world when they use Bitcoin.
“Basically, we map a bank account to a Bitcoin wallet address, and when anyone sends Bitcoin to that address from anywhere in the world, we convert it to Naira and credit the bank account within a few minutes,”
“The receiver doesn’t need to interact with Bitcoin at all as they will get the Naira equivalent into their bank accounts automatically,” Adeyinka stressed
The new platform on BuyCoins has enjoyed impressive development as so far, US$300,000 from almost 400 users have been processed.
Sometime in 2018, BuyCoins secured US$1 million upon its graduation from Y Combinator.
“We’re currently operating in Nigeria, but we intend to expand to other African countries in the future.
But there is really no rush; we want to deeply understand the Nigerian market and make sure users are really happy,”, Adeyinka Concluded
Featured Image: toptal
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