Crypto Exchange Patricia Plans Fundraiser After Fleeing Nigeria For Estonia

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Patricia, a crypto exchange, revealed her fundraising plans in an interview with Bloomberg. The stock exchange moved its headquarters to Estonia after a crackdown in Nigeria that nearly destroyed its business. The relocation came after the court ordered its evacuation with immediate effect.

Still recovering, Patricia decided to call on institutional investors for the first time to grow her business.

Patricia plans to raise $ 50 million

The founder of the crypto exchange, Hanu Agbodje, has self-funded the company since its launch four years ago. He started with less than $ 2,000.

Agbodje revealed that his company plans to raise up to $ 50 million to upgrade its technology, hire blockchain engineers and comply with regulatory requirements. He also said he intends to raise funds for the company over the next six months.

Related reading | Bit2Me Raises $ 23.9 Million In Minutes To Secure Future Of Spain’s Fastest Growing Stock Exchange

“The crypto space is strongly frowned upon by regulators, so we need to be 100% compliant when entering new markets,” Agbodje said. “To help people understand the technology, a lot of the money” will go to marketing. We have to find ways to break it down and reach as many people as possible. “

The founder also mentioned that the exchange needs to expand to face bigger competition like Binance.

Since the company’s headquarters moved to Estonia, Patricia has surpassed the levels she had when she was in Nigeria. The Baltic nation was among the first in the European Union to license the industry at the end of 2017.

Total crypto market at $ 2,843 billion | Source: Total Crypto Market Cap from TradingView.com

It is common knowledge that Nigeria is a volatile environment for many companies, especially if they are crypto related. According to London director of Renaissance Capital Ltd Adesoji Solanke, “moving away from Nigeria is helping platforms capture revenue pools in a wider range of countries that are also climbing the crypto adoption curve.”

Agbodje said the Central Bank of Nigeria (CBN) could reverse its crackdown on crypto trading in Nigeria. And at that point, the country’s crypto industry would get “bigger and bigger.” Although that won’t happen anytime soon, as the regulators’ response tells a different story.

CBN’s position on crypto trading

The Central Bank of Nigeria has had a strict attitude towards cryptocurrencies. However, there has been a particular crackdown this year. Earlier this year, the CBN ordered all banks to freeze all accounts with crypto transactions. And also, the accounts of all crypto exchanges. He cited concerns such as volatility, money laundering and terrorist financing. Last month, however, the court asked banks to unblock accounts, adding that the previous central bank circular was not law.

Related reading | Why Crypto Traders’ Funds Have Been Suspended in Nigeria

A few days ago, the Central Bank ordered commercial banks to close the accounts of two entities accused of trading in crypto and transfer their funds to “suspense accounts”. In its latest crackdown, the CBN ordered commercial banks to monitor client accounts for crypto trading.

Despite opposition from CBN, the demand for virtual currencies in Nigeria continues to increase.

Image presented by mypaticia.co, chart from TradingView.com

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