Earlier this month, on January 2nd, one of the co-founders of BitSika sent a tweet that his company had just reached $1 million worth of transactions.
What is Bit Sika
Launched in 2018 by co-founders Atsu Davoh and Samuel Boahen, Bit Sika is a platform they created that uses digital currencies to move money across borders at low or zero cost.
The platform uses blockchain technology to help users receive money instantly, from anyone, anywhere at zero cost.
Users can deposit and remit money across multiple currencies using the app, with all monies deposited in Bit Sika stored in USD credits or stable-coin. This means that if a Bit Sika balance is not used the USD value of that balance never changes.
Although it just launched in 2018, the company already has early investment from VC firm Microtraction. The VC firm invests up to $65,000 in startups and has already backed other startups including CowryWise, Wallet.ng and Accounteer.
Bit Sika has also gotten investments from Binance, which gave the company $120,000 in seed funding.
How It Works
Bit Sika can be downloaded through iOS or Google Playstore. It’s a simple registration. Once you’re done, you can deposit money into your account via Mobile Money or Card.
If you know other Bit Sika users, you can send them money via their usernames or using a unique QR code.
You can withdraw money from your wallet to your mobile money wallet.
Bit Sika is definitely growing fast and will most likely get the attention of more people in the industry. We’ll have to keep an eye out on their growth.