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Cryptocurrency exchange platform Coindirect today announced that it has raised €1-million in an investment round led by London-based investor Concentric.
Coindirect, which is registered in the Isle of Man and was founded in 2017 by South Africans Donald Jackson, Jesse Hemson-Struthers, Nicholas Haralambous, and Stephen Young, claims to have 40 000 users in South Africa.
Coindirect plans to use the investment to further expand across Africa and Europe, supported by partnerships with Blockchain.com and MakerDao.
“In the immediate future we’re looking to launch in Nigeria, followed by Kenya, Ghana and other key African countries. Globally we’re going to be launching in the United Kingdom, followed by offering users the ability to buy crypto using credit cards from anywhere in the world,” explained Coindirect COO Haralambous.
Coindirect was founded in 2017 by South Africans Donald Jackson, Jesse Hemson-Struthers, Nicholas Haralambous, and Stephen Young
Coindirect’s platform allows users to buy and sell cryptocurrency using traditional local fiat currency.
It claims it currently supports over 40 different cryptocurrencies, which the startup claims is the largest offering in Africa. In addition, Coindirect’s platform also caters for data-sensitive users in markets where data costs are high and coverage can be limited.
Haralambous said the investment and the “key partners” the platform has on board will take Coindirect “a step closer” to its objective of achieving mainstream adoption of cryptocurrency in Africa and across the globe.
Concentric investor Alexander Mann said Coindirect is in a “fantastic position” to expand its distribution across Africa and internationally thanks to a “stellar team” with what he said is “extensive entrepreneurial experience” and an understanding of how to scale early stage ventures.
Editor’s note (21 February 2018): Coindirect co-founder and COO Nicholas Haralambous subsequently told Ventureburn that the deal, which was concluded this month, is Coindirect’s first round of funding. The article has also been updated to include details on Coindirect’s expansion plans.