Lately, Jeff Bezos, a world-renowned online retail website, Amazon’s CEO, had landed support to an African company called Chipper Cash. It has been announced by Chipper Cash Africa that it has raised funds exceeding US$ 30 Million. The company has further announced that it now intends to launch its own cryptocurrency exchange platform.
The news report revealed that after raising US$ 30 Million funds, Chipper Cash now intended to establish a crypto trading platform. It was told that the company wanted to provide services such as buying and selling of Bitcoin and other cryptocurrencies. Furthermore, stocks relating to high-profile companies including Apple, Tesla, Amazon etc. would be made available for trading on the app.
Chipper Cash is an application used for sending payments from and within various countries that are part of the African region. It was told that approximately US$ 30 Million had been acquired by the company during B Series round of the company’s founding. Chipper Cash Africa came into being when Ribbit Capital had pooled investment in it. Later it was revealed that Ribbit Capital was established with the personal fund of Jeff Bezos. Therefore the company is ultimately funded by Amazon’s CEO.
Thereafter two Ugandan nationals namely Ghanaian Maijid and Ham Serunjogi founded the African version of Chipper Cash. Through this application, users of the app from the African region were allowed to send and receive funds without any charge. The services for sending money without any charge is available in Tanzania, Ghana, Nigeria, Rwanda, Uganda, Kenya, and South Africa.
Being one of the highly demanded charge-free app for sending money, Chipper Cash is overwhelmingly popular amongst its African users. For example, in Africa alone, there are over 3 million users using the application. Similarly, there are at least 80 thousand transactions conducted on daily basis. In addition, Serunjogi, African Chipper Cash’s CEO told that funds transacted in June were recorded to be US$ 100 Million.
Serunjogi also told that the application had helped the company to raise more than US$ 30 Million. The funds so raised can be used to provide further services to the clients, he told. According to him, the launching a crypto trading platform is the best idea to utilize the funds properly.