Coindirect, a global cryptocurrency platform, has raised €1m (R16 million) in an investment round led by Concentric, with participation from Blockchain.com, and MakerDAO.
The end-to-end cryptocurrency platform, founded by Donald Jackson, Jesse Hemson-Struthers, Nicholas Haralambous and Stephen Young, is one of the first of its kind to enable customers to trade cryptocurrencies like Bitcoin and Ethereum using their own local currency in the emerging markets.
Coindirect.com supports one of the widest ranges of local-to-cryptocurrency transactions available, with 25 different digital coins currently in its marketplace.
It offers traders a secure environment with instant transfers and full wallet support, allowing users to buy and sell multiple currencies using a single account.
Not only can customers buy altcoins with their local currency, but they are also able to exchange between currencies. As such, the company is seeing a high daily trading volume through users converting between bitcoin and altcoins. Transactions are instant, with no waiting for approvals, and prices are locked at the point of sale.
Coindirect has proven its offering in the South African market, where it has acquired 40,000 registered users.
“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. 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,” Nic Haralambous, COO, Coindirect, said.
“This round of funding and the key partners we have on board take us a step closer to our objective of achieving mainstream adoption of cryptocurrency in Africa and across the globe
With the help of the latest round of funding, Coindirect plans to further expand across Africa and Europe, supported by partnerships with Blockchain.com, MakerDAO and others being announced in the coming months.
The business is particularly focused on bringing cryptocurrency to emerging markets, with growing demand for alternative ways of banking and engaging with money in these regions. The team believes the lull in the crypto markets provides an ideal opportunity to build the infrastructure for widespread adoption.
“Coindirect is tapping into a genuine use case for cryptocurrencies – and Bitcoin’s original purpose – which is to give citizens in countries with poor governance a chance of financial freedom. The business is in a fantastic position to expand its distribution across Africa and internationally, thanks to a stellar team with extensive entrepreneurial experience, and an understanding of how to scale early-stage ventures,” Alexander Mann, Investor at Concentric, said.
“With few sophisticated competitors currently challenging in this market, we’re excited to see what the future holds for the business.”