Wallets Africa revealed that it received funding from Mozilla Corporation, 9Yards Capital, Samurai Incubate, and Y Combinator CEO, Micheal Seibel. The fund came not long after Y Combinator bought a 7.5% equity in Wallets Africa for $150,000. Wallets Africa is a bitcoin-supported financial startup based in Lagos, Nigeria. The crypto startup is centred on solving cross-border payment woes and so supports Bitcoin. The startup aims to build a platform so that users can seamlessly spend cryptocurrency just by converting their funds into fiat currency almost immediately without any fear.
Wallets Africa’s users can transact with third parties and transfer funds to local bank accounts.
According to the startup, Wallets users can transact with third parties and transfer funds to local bank accounts at a cheaper rate. The wallet allows users can send funds to Ghana and Kenya from Nigeria. The startup also allows users for local payments like buying of airtime, cable TV payments, and some other utilities. The users who want to make international payments, Wallet Africa has virtual dollar and naira cards for users to make payments internationally or locally. Several experts from the crypto community have claimed that Africa will play a major role in the adoption of bitcoin.
The future of crypto depends on Africa.
As reported earlier, An interactive map published by Blockchaincenter.net shows the level of cryptocurrency interest worldwide revealed that Bitcoin searches are most frequent in countries in Africa and South America. Earlier, the founder of Twitter and Jack Dorsey had claimed that he sees massive potential for bitcoin and crypto in African countries. Earlier it was also reported that the Nigerian House of Representatives speakers called for a substantive legal framework for cryptocurrencies last year in July. Among all the African countries, South Africa has 13% crypto ownership, which is the highest among internet users in the African continent. African countries are seeing several crypto startups that help people get around the traditional financial system.