Twitter CEO Jack Dorsey approved crypto remittance startup, Bit Sika, reached a new milestone. The startup hit $1 million in transactions just in four months of its launch. Crypto space in Africa has huge potential, as Jack Dorsey remarked after his visit to the continent. An increase in crypto and blockchain startups will open doors for more jobs and opportunities for local citizens and provide easy cross border payments.
Bit Sika originally started out as a charity app.
The crypto startup was originally started out as a charity app that would allow people to send donations from anywhere in the world. The founder of the app Atsu Davoh aimed to provide those donations to African citizens who needed them and keeping the entire process transparent, cheap, and straightforward.
Developers are planning to expand Bit Sika into other African countries.
Atsu Davoh and his team are planning to expand Bit Sika into other African countries. They aim to make the app a part of everyday use for African citizens. Even though Jack Dorsey did not invest financially in the project, but he has been a vocal supporter of the Nigerian startup. The company received the first non-Nigerian investment from Microtransaction. The investors believe that Bit Sika made cross-border payments negligible in cost, while also making them auditable and instant.
The use of cryptocurrencies in African countries has been increasing at quite a speed as it solves many problems, including the high-cost cross-border payments. Long-time bitcoin advocate, Twitter CEO Jack Dorsey, is planning to invest in crypto projects in African countries this year.