The Nigerian Web 3 scene is dominated by foreign products and startups founded by foreign crypto entrepreneurs who are usually building for the global market.
This fact coupled with the general trust Nigerians tend to place in foreign products over local ones can pose a slight challenge for Nigerian crypto entrepreneurs looking to build their products and compete in the marketplace.
Despite this challenge, some Nigerian crypto entrepreneurs are still forging ahead to build homegrown products that are punching above their weight and competing with foreign-owned projects which are usually better funded and marketed.
Nigeria was recently named among the top 10 countries in the world in terms of Crypto adoption by Chainalysis and a huge part of the Nigerian Web 3 community activity borders on crypto trading.
The Crypto exchange market in Nigeria is a tedious one given the high rate of crypto trading in the country’s Web 3 space.
Although Crypto exchanges like Binance and Bybit are quite dominant in the Nigerian market, Some Nigerian crypto exchanges founded by Nigerians and Africans are also gaining a foothold in the Nigerian market and carving out portions of the market share for themselves.
In this article, we are going to look at the Founders of top Nigerian and African crypto exchanges competing in the Nigerian and African markets.
Exchange Founded: Busha
Year: 2020
Michael Adeyeri and Moyosore Sodipo are the founders of the Busha cryptocurrency exchange one of the Nigerian crypto exchanges to receive a provisional license from the Nigerian SEC.
Michael Adeyeri doubles as the Chief Executive Officer and Chief Technology Officer while Moyosore Sodipo acts as the Chief Product Officer and Chief Operating Officer.
The crypto exchange platform was founded in 2020 with a corporate office in London, United Kingdom.
According to Pitchbook, Busha has raised $4.2 million from a total of 17 investors.
Busha has over 50 cryptocurrencies listed on it. Users can easily buy and sell USDT, BTC, ETH, and many other cryptocurrencies on the platform.
Busha is a proudly Nigerian crypto exchange and is set to be among the beneficiaries of a recent change in the policy of the Nigerian SEC.
