Adaverse, a Cardano ecosystem accelerator supporting the expansion of crypto-native Web3 businesses in Africa recently announced an investment in Scalex, a pan-African peer-to-peer network that aims to bring secure, frictionless cryptocurrency trading across Africa.
According to Adaverse, this strategic investment is part of a seed funding round involving EMURGO Africa, Adaverse, and Hacked Capital.
Government restrictions on bitcoin transactions have made the P2P trading mechanism widely used. However, in addition to the availability of authorized cryptocurrency exchanges, unauthorized trading also takes place regularly on social media, particularly on chat services like Telegram and WhatsApp. This exposes parties to a wide range of dangers, including fraud exposure and Ponzi schemes masquerading as cryptocurrency initiatives.
Scalex pushes to also solve these risks encountered in P2P crypto-to-fiat transactions across Africa. On its move to become Africa’s leading P2P platform, Scalex is reimagining how digital crypto transactions are facilitated across the world. This is one of the reasons why Adaverse is investing in the peer-to-peer network.
Shogo Ishida, co-CEO for the Middle East & Africa at EMURGO Africa, lauded Scalex’s mission as a commitment worth emulating.
He said, “EMURGO Africa is excited to support Scalex’s vision to provide more secure and seamless next-generation financial access across Africa, which aligns with our goal to build socially impactful solutions in Africa.”
James Ademuyiwa, Head of Blockchain and co-Founder at Scalex also commented, “In our bid to build value-driven solutions that enable the continued onboarding of millions of users in Africa into the crypto space, it was important to partner with Adaverse to gain access to their knowledge base and connections to Cardano. We are excited about partnering with organizations that are passionate about the overall growth of the Web3 and blockchain space in Africa.”
Vincent Li, founding partner at Adaverse also said, “Fear of asset loss is a key barrier to crypto adoption across Africa, and Scalex intends to tackle this with a unique platform. Scalex’s multi-chain infrastructure safeguards peer-to-peer transactions and Adaverse is glad to support through strategic mentorship and integrate their growth with tools on the Cardano blockchain.”
Scalex was created by Nnaemeka Nwosu, James Ademuyiwa, Adeniyi Adedamola, Ngati Jalani, and Joel Ajide, a group of Lagos-based entrepreneurs working to solve the issues of unsecured trading platforms in Africa’s P2P and trading market.
Scalex is building solutions that ensure African users can easily bridge into the crypto ecosystem seamlessly and with ease. Building features on Web3, Scalex prides itself as the first automated revenue-share peer-to-peer platform. Furthermore, Scalex uses industry-leading features to provide safety, assurance, and an automated crypto platform by merging the best of TradFi and DeFi infrastructures.