Nigerian startup SafeSenda has launched an application that simplifies the management, exchange, conversion, spend and settlement of cryptocurrency into naira bank accounts.
Launched by Nkechi Iyke-Ukaegbu and Ikechukwu Ukaegbu earlier this year, the SafeSenda app simplifies the process of managing and converting crypto assets via an easy-to-use interface.
Ukaegbu said the startup had been inspired by the lack of a safe and simple process for crypto-to-naira exchange and settlement to local bank accounts in Nigeria.
“Due to a hostile regulatory environment in Nigeria, most of the transactions in the surging crypto trading and exchange market are done via P2P platforms. P2P is mainly for experienced hands, time consuming, and can take anywhere from many minutes to up to 72 hours to complete,” he said, also citing complicated processes and high risk factors.
SafeSenda, however, claims to make the process simple, allowing a user to send crypto to their bank account in minutes. The startup’s MVP is working well on Android and iOS, and though SafeSenda is bootstrapped for now it is planning to raise equity funding to build its liquidity pool, increase marketing efforts, improve its product, and scale at home and abroad.