Coindirect, one of South Africa’s leading cryptocurrency platforms, has raised €1 million – translating to over R15 million ZAR – in a seed funding round led by Concentric, with participation from Blockchain.com and Andreessen Horowitz backed MakerDAO.
The cryptocurrency exchange, founded by Donald Jackson, Jesse Hemson-Struthers, Nic Haralambous and Stephen Young, is looking to offer South African users the opportunity to reap the benefits that cryptocurrency provides. The founders believe that widespread adoption of cryptocurrency will enable users to change the way that money is used in emerging markets.
Coindirect presents the largest cryptocurrency offering in Africa, with 40 cryptocurrencies for users to buy and sell in local fiat currencies. The platform, available on mobile devices or desktop browsers, has acquired over 40 000 registered users and is growing consistently in the African cryptocurrency space. Coindirect also caters for data-sensitive users in regions where data costs are high and coverage can be limited.
“Coindirect is on a mission to change money, by building a bridge between the decentralised world of crypto and the centralised world of traditional finance.” Nic Haralambous, COO, Coindirect, stated. “Our goal is for everybody, from a first-time buyer to a pro-investor, to easily and securely be able to buy, sell, trade and track their assets in one place. This latest round of funding takes us a step closer to our objective of achieving mainstream adoption of cryptocurrency in Africa and across the globe.”
Rune Christensen, CEO and co-founder of MakerDAO commented:
“Maker believes the blockchain has the power to create an inclusive platform for economic empowerment. Working with Coindirect to help people purchase and trade cryptocurrencies with their local currency is one step closer to providing people around the world with equal access to the global financial marketplace.”
Samuel Harrison, the managing partner at Blockchain.com, commented: “At Blockchain, we’re committed to advancing the crypto ecosystem and providing consumers with financial utility beyond speculation. We believe the emerging markets use case for blockchain technology is compelling for both payments and also as a store of value. This is particularly true in regions with less developed payments infrastructure, high inflation, and restricted access to traditional banking services. We’re thrilled to work with Coindirect with the mission of bringing crypto to the hands of the consumer.”