Meet Scalex, the Startup Paving the Way for Cryptocurrency Adoption in Africa

Co-founders of Scalex

Following the banning of crypto exchanges in several parts of Africa, cryptocurrency users on the continent have migrated to peer-to-peer (P2P) platforms for their input and output needs, remittances funds and other transactions. This reliance on P2P platforms is what Scalex.Africa, a high-level peer-to-peer crypto exchange was created to accelerate. Scalex provides blockchain-based solutions aimed at facilitating the secure and seamless adoption of cryptocurrencies in Africa.

Between July 2020 and June 2021, cryptocurrency adoption in Africa boosted by a huge 1200% making the continent one of the fastest growing cryptocurrency economies in the world, according to Chainalysis, a digital analytics firm. This surge in the digital asset market in Africa has developed despite the strong resistance that the cryptocurrency has encountered due to the draconian government regulations imposed on the exchange in some countries on the continent.

“Young Africans are migrating to the crypto space in droves with tons of avenues to earn money such as; play to win games like Splinterlands and Axie Infinity. We also have a growing creator space with NFT creators leading the pack as well as remote workers receiving payments in crypto,” said Scalex co-founder Emeka Nwosu.

be the Bitcoin’s second largest peer-to-peer trader Globally, Nigerians who trade in crypto conduct these and related activities on a host of platforms and peer-to-peer communities that keep popping up daily. These platforms have opened the crypto space and its users to multiple risks causing some to end up in fraudulent transactions.

Scalex was originally designed in 2020 to provide users with a safer way to transact peer-to-peer on Telegram communities. In two years since its inception, it has grown from a “chatbot” to a fully web-based peer-to-peer exchange offering access to Bitcoin, Ethereum, and USDT while offering the flexibility to trade named tokens on Binance Smart Chain (Bep20) and Tron Networks (Trc20).

Scalex – Product Screenshots

In addition to securing transactions, the platform eliminates the bottlenecks encountered by users transacting on existing peer-to-peer platforms that were too complex and manual in their transaction mechanisms, thereby improving user experience.

“Building on our experience in the field, we have created a first peer-to-peer exchange for Africans that allows you to quickly and securely exchange your income from crypto to fiat currencies and vice versa, Scalex is the first to introduce an automated infrastructure that eliminates the need to manually confirm peer-to-peer transactions. The crypto space is getting more and more crowded and it is easy to get distracted. Our goal at Scalex is to deploy products that deliver the most value to Africans. We recently partnered with FTX Africa to offer On and Off-Ramp solutions to their users and we intend to consolidate this to generate more partnerships globally. Nwosu added.

Since launching its private beta in May 2021, which went live for public use in September of the same year, Scalex has gained over 5,000 users with over 24,000 transactions completed.

Scalex’s operations are funded by angel investors and venture capital funds, having recently accelerated from GreenHouse Capital, a leading technology accelerator in Africa. Scalex.Africa aims to expand its services across Africa, with Sub-Saharan and East African markets in sight, while deepening its product offerings to users, with a host of products currently in development.

The Scalex mobile app is set to launch this year with plans to cater to a growing audience.

The Scalex Africa team is comprised of incredible talent with deep industry experience spanning over 6 years in the blockchain ecosystem. Emeka has a major in economics with 7 years of experience in banking through e-commerce and sales in addition to an MBA from Lagos Business School alongside fellow MBA classmate and co-founder Ngati who is an experienced sales and business development strategist with experiences from leading global brands Guinness and Vlisco. James specialized in Fintech and Business Analytics and has co-founded two startups in the past; SabiFX and Foodmarket. Joel and Niyi are computer scientists and software developers who make up the team of five and are experienced in early stage startups.

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About Joshua M. Osborne

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