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An African company backed by Amazon CEO Jeff Bezos, Chipper Cash, has raised $30 million and is launching a cryptocurrency trading service due to high demand for cryptocurrencies, including bitcoin. Users of Chipper Cash will be able to buy and sell cryptocurrencies as well as U.S. stocks, such as Tesla, Apple, and Amazon, through the app.
Jeff Bezos-Backed Chipper Cash to Begin Offering Crypto Trading
African cross-border payments startup Chipper Cash has raised $30 million in a Series B funding round. It was led by venture capital firm Ribbit Capital, with the participation of Bezos Expeditions, the personal VC fund of Amazon CEO Jeff Bezos.
Founded in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled, the San Francisco-based Chipper Cash offers fee-free mobile P2P payment services. The services are available in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. The app allows users to send and receive money across Africa. “Enjoy free transfers and the lowest cross-border rates,” its website describes.
The Chipper Cash platform has three million users and processes about 80,000 transactions daily on average. CEO Serunjogi said that in June the app reached a monthly payments value of $100 million.
Chipper Cash plans to use …
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