FTX & Africa (3)

Feb 6 2022: Nigerian crypto & Web3 startup Nestcoin Closed $6.45 Million in Funding from Alameda Research and others.

Nov 14 2022: African crypto firm Nestcoin will lay off some of its staff due to the FTX debacle. The firm stored some of the funds it raised on FTX.

Per the statement, “user funds are safe.

Nestcoin statement to investors

More on TechCrunch.

FTX & Africa (2)

The fallout from this will impact things in places and ways we cannot grasp right now.

FTX activities on the ground:

FTX was not only an exchange but they were building infrastructure that provided groundwork for mass adoption, unboarding unbanked in Africa, offering payment on and off ramp, as well as custodial wallets and credit cards.

“I was a campus ambassador in Nigeria. We were doing crazy work in Nigerian universities and towns as regarding crypto education and web3 onboarding, all sponsored by FTX. I wouldn’t even mention the amazing impact of FTTDAO.”

Some Fintech startups might be at risk, such as ChipperCash, after it received a $150M extension round led by FTX ($2B valuation).
Other names are circulating (to be verified): Kuda, Piggyvest etc.
Some of them may have funds stuck with FTX as they held deposits there…

Impact of FTX/SBF in Africa

Probably not an exhaustive list, but here are some of the subsidiaries of the FTX/Alameda “empire” on the African continent.

  • Alameda Research Yankari Ltd. (Nigeria)
  • B for Transfer Egypt
  • B Payment Services Nigeria
  • B Transfer Services Uganda
  • BitPesa Kenya Ltd.
  • BitPesa RDC SARL
  • BitPesa Senegal Ltd.

Based in Dakar, Senegal, Bitpesa Senegal Suarl is a Private Limited Company that was established in 2017. The organisation operates in the Services sector.

  • BitPesa South Africa
  • BitPesa Tanzania Ltd.
  • BitPesa Uganda Ltd.
  • BT Payment Services Ghana
  • BT Payment Services South Africa
  • BT Payments Uganda
  • BT Pesa Nigeria Ltd.
  • BTC Africa S.A.

BitPesa™ Services “This Agreement is a contract between you and BTC Africa S.A.”

BTC Africa S.A is a company having its registered office at 50 Val Fleuri in Luxembourg, L-2520, in the Grand Duchy of Luxembourg and registered with the number B 211.963. BTC Africa S.A. is a registered PSD agent of B Transfer Service Limited, a Payments Services Provider registered in the United Kingdom and regulated by the UK Financial Conduct Authority and located at 1-3 Brixton Road, London SW9 6DE in the United Kingdom.

  • BTLS Limited Tanzania
  • Exchange 4Free South Africa Br.
  • FTX EMEA Ltd.
  • FTX Zuma Ltd. (Nigeria)
FTX Africa on Twitter

FTX files for bankruptcy, SBF resigns

Side note