Ejara was founded by Nelly Chatue-Diop and has completed a $2 million raise to pioneer the usage of crypto and investment services across the region. The funding will see Ejara focus on growth, the deployment of features, and expanding the tech team.
TechCrunch reveals that the round was led by CoinShares Ventures and Anthemis Group. Other participants in the round were Mercy Corps Ventures, Lateral Capital, LoftyInc Capital, and NetX Fund. Two angel investors namely Pascal Gauthier (Ledger) and Jason Yanowitz (Blockworks) also took part.
Rather than crypto being a reserve for the rich looking to diversify their assets, Ejara is working to level the playing field for French-speaking West Africans. Ejara is big on security, privacy, and ownership. The startup has over 8000 users drawn from the Ivory Coast, Cameroon, Guinea, Mali, Burkina Faso, Senegal, and Mali.
Cryptocurrency adoption in Africa varies according to regions. Countries with unstable currencies are seeing immense adoption of cryptocurrencies. In Francophone West Africa over 200 million people are using the CFA franc.