Bit Sika, an African startup in the crypto market, which is supported by Jack Dorsey, already boasts a volume of $1 million in terms of transactions it handled. The company started 4 months ago.
Jack Dorsey is supporting crypto
It is well known that Twitter’s chairman, Jack Dorsey, firmly believes that the cryptographers have great potential and can influence the economic situation in Africa. In 2019 he even toured several African countries, talking to local entrepreneurs. He plans to return to the continent in mid-2020.
Dictionary of terms related to cryptocurrencies (part 1)
The application mentioned in the initial version allows users to handle cryptographic transactions in Nigeria and Ghana. It has now made headlines in newspapers and portals due to its high usage. And this despite the fact that it has been working for only 4 months.
We hit a $1 million in transactions today. Quote this tweet with your @BitSikaAfrica username to show some love. ??? We appreciate it. https://t.co/FGfmhMab1l pic.twitter.com/VbLfikyPxl
— $atsu (@atsudavoh) January 2, 2020
According to the statistics, the average value of each transaction on the platform is about USD 200. Meanwhile, the application itself allows you to send crypto and fiduciary currencies and transfer money from phone to phone. Although the application also uses fiat currencies, it is mainly based on cryptography. In fact, money transfers are supported on it by cryptocurrencies, but this happens in the background, so users may not even know about it.
The platform initially operated as a charity application that allowed for sending donations from abroad. These donations were then given to African citizens who needed them, and the whole process was transparent, cheap and simple.
The co-founder of the project, Atsu, told the media about the start of the application, stating that it took him about 5 weeks to create the first version. He and his team discussed the design of the application and its goals, and ultimately wanted to make it as user-friendly as possible.
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The application was finally transformed into the current version. There are also plans to expand the project to other countries.
Bit Sika can also boast of the support of someone like Jack Dorsey, who has been observing the African market for a long time in terms of payments.
The demand for such services is very high in Africa, so it can be assumed that the project will develop dynamically.