We appreciate it. https://t.co/FGfmhMab1l pic.twitter.com/VbLfikyPxl — $atsu (@atsudavoh) January 2, 2020 The development of Bit Sika According to statistics, the average value of each transaction on the platform is approximately $200. Meanwhile, the app itself allows users to send crypto and fiat currencies alike, and move money from phone to phone. However, while the app does use fiat currencies as well, it is primarily based on crypto. In fact, its fiat-to-fiat remittance is actually backed by cryptocurrency, but only in the background. The platform originally started out as a charity app, which would allow people to send donations from abroad. Those donations would then be delivered to African citizens who needed them, with the entire process being transparent, cheap, and simple. The project’s co-founder, Atsu, talked about the early days of the app, stating that it took him 4-5 weeks to create the first version of it. He and his team discussed the app and its purpose, eventually deciding to make it as user-friendly as possible, hoping that it will find its way to everyday use. The app eventually evolved into what it is right now, and thanks to the $1 million in transactions, the developers are making plans to expand Bit Sika into other African countries. Bit Sika’s plans for the future As mentioned, Bit Sika received a lot of support during its short history. While Jack Dorsey’s support remained purely a moral one, there were others who supported it through investments, as well. It is worthy of note that the project became the first non-Nigerian investment that was made by a company called Microtransaction. The firm explained its decision to invest in Bit Sika by saying that the project made cross-border payments negligible in cost, while also making them auditable and instant. As such, the platform can help millions of Africans, including individuals and businesses alike. It is also worth noting that the African startup previously participated in Binance’s incubation program. Also, the project is now working on its expansion into the francophone market, as the app became available in Ivory Coast, Mauritius, Mali, Senega, Gabon, and Cameroon, in addition to the countries where it was already active. Happy to say that @BitSikaAfrica has expanded to money transfer between Cameroon, Gabon, Senegal, Ivory Coast, Mali and Mauritius (alongside Ghana and Nigeria). These countries will be available on the app in a few days, later this month. Have to improve my french now.
pic.twitter.com/zKD6kheEsq — $atsu (@atsudavoh) January 8, 2020 In the future, it is also planning on delivering its own, Binance-based stablecoin — African Stablecoin (ABCD), which it announced in late 2019. The coin is expected to see a launch in January 2020. Do you agree with the idea of cryptocurrencies transforming Africa into a more prosperous region? Let us know your thoughts in the comments below. Image via Shutterstock, Twitter @atsudavoh The post appeared first on Bitcoinist.com.from Bitcoinist.com https://bitcoinist.com/jack-dorsey-supported-african-crypto-startup-hits-1m-volume/
0 Comments