Kenyan startup BitLipa has launched a peer-to-peer (P2P), borderless remittances network that will allow wallet-holders to send money anywhere in the world through international conduits for value transfer.
BitLipa is a cryptocurrency payment gateway for merchants around the world that provides a variety of options for businesses. The platform aims to create alternative payment options for customers and businesses around the world. Presenting ready-to-use solutions such as e-commerce plugins and payment processing APIs.
All users need to do is convert their fiat currency into crypto, and then send it to the recipient. The recipient can then either spend it in crypto or convert it back to fiat within the application.
According to the company’s Co-founder Apollo Eric. The startup had seen a surge in downloads from across the world since its launch in 2019. It boasts about 2,800 active daily users who are using BitLipa. His goal is to have one million users on the platform by the end of August 2020.
There are very limited cryptocurrency startups, in Kenya and across its borders which BitLipa wants to address. “The gap in the market reveals the lack of a practical use-case of blockchain technology that ordinary people could relate to,” he said.
“We thought if we could build a decentralised finance application that levels the ground for everyone. It will allow ordinary people to send their money for free, both locally and across borders, then we will have killed two birds in one strike.”
BitLipa is built from the ground up. However, it has secured a partnership with high profile Securities to provide it with Bitcoin liquidity. The platform allows customers to reach new markets instantly, reap benefits immediately without any hidden costs.
“We have built very good working relationships with local banks to provide us banking services and fiat liquidity as well,” Eric said.