Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up 3,900% Year-on-Year

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Bitsika Africa, a crypto startup operating out of Ghana and Nigeria, said Monday that it processed almost $40 million in remittances in 2020, up from just under $1 million the previous year.

Founder and chief executive officer Atsu Davoh said that deposits accounted for $18.87 million of the total volume, with payouts making up $17.89 million. Internal peer-to-peer transfers made up $3.19 million of total volume, he added.

Davoh did not reveal how much of the total volume constituted bitcoin (BTC)-denominated remittances. The CEO had not responded to questions sent to him at Press time.

Bitsika, which allows users to buy and sell bitcoin, as well as to send or receive money in crypto or fiat, reported that revenue soared to $1.03 million in 2020 from just $329 in 2019. That’s a 312,000% increase year-on-year.

To transact on the platform, users can deposit the Ghanaian cedi, Nigerian naira, U.S. dollar or the CFA franc, a currency used by 14 former French colonies in West and Central Africa, into the Bitsika account via bank transfer, cash, and mobile money. Bitcoin and the BUSD stablecoin can also be deposited.

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