#Africa Nigeria’s SureRemit raises $7m via ICO


Nigeria-based non-cash remittance platform SureRemit has raised US$7 million via an initial coin offering (ICO) to roll out its digital voucher system that makes payments easier and cheaper.

Disrupt Africa reported at the end of last year SureRemit had launched the ICO in a bid to raise funds for a blockchain-based remittance service.

The new service being launched will allow immigrants all over the world with Remit tokens to purchase digital vouchers that are redeemable for goods and services directly from local merchants at their specified destinations.

Several prominent cryptocurrency investors, including Hashed, South Korea’s largest cryptocurrency fund, participated in the round, with SureRemit saying the fund’s decision to join in SureRemit’s pre-sale ICO signalled growing interest in the potential for cryptocurrency to further alleviate remittance challenges in emerging markets where recipients remain largely disconnected from financial markets.

SureRemit’s new cryptocurrency removes the cash layer, reduces the cost of transfers and provides the sender some control and visibility over how the value is spent, the startup said.

“International remittance transactions can be frustrating, but it doesn’t have to be, at least for non-cash value transfers which constitute about 40 per cent of all transfers” said ‘Laolu Samuel-Biyi, director of remittances at SureRemit.

“In very many cases, immigrants and travelers just want to buy food or pay a bill for someone at home. Those transactions do not have the same risk profiles as cash transactions, and they should not be subjected to the same costs, timelines and procedures.”

The post Nigeria’s SureRemit raises $7m via ICO appeared first on Disrupt Africa.

from Disrupt Africa http://ift.tt/2mM0JWS

This entry was posted in #Africa by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !