American investor buys stake in Malawi crypto firm

An American investor has bought five per cent stake in Malawi’s shadowy crypto currency firm.

Hera Software, an  American Blockchain software company  has bought the stakes in Malawian crypto currency firm, Buy Bitcoin Malawi, a partnership which both parties have described as “very strategic.”

Buy Bitcoin Malawi is a crypto currency marketplace that allows Malawians to buy or sell Bitcoin and other cryptocurrencies instantly using Malawi Kwacha.

The company has created an indigenous Bitcoin application called Khodo which is also available on Google Play Store.

The application has been described by many as user-friendly.

It allows one to buy or sell Bitcoin with Malawi Kwacha through bank transfer or mobile money.

Explaining the new deal, Buy Bitcoin Malawi chief executive officer, Grey Jabesi said HeraSoftware has been convinced beyond reasonable doubt about Khodo Application as well as strides that Buy Bitcoin Malawi is making with respect to cryptocurrencies (Bitcoin).

“Hera Software has liked the concept of Khodo Application which is perfectly designed for the Malawi ecosystem,” said Jabesi.

The deal has seen Buy Bitcoin Malawi raising its capital base amid the COVID-19 pandemic.

Jabesi said the acquisition of the five percent stake by the American investor will help the company grow its business by extending its footprint across Malawi.

He said the company intends to establish offices across the country that will help in providing services and free education on cryptocurrencies to Malawians.

“We are going to allocate the majority of the funds we have raised to cryptocurrency literacy throughout the country. We think, if we are to be very successful, it’s very important for people to learn and understand what cryptocurrency is,” he explained.

Jabesi said the company’s vision is also to expand into multiple African countries, starting with our neighbours but stressed that achieving such a feat would require lots of software development work.

He said: “We intend to grow and do this business beyond the borders of Malawi. This will require software development and we are working towards that.”

Digital world analysts contend that cryptocurrency is the future of payment modes, adding that  Malawians should fully embrace the technology which enables participation in the global digital economy.

The digital economy is said to be associated with so many opportunities including storing value, pay for goods, store data and write immutable contracts among others.

Local advocates of cryptocurrencies have in recent times lamented on negative messaging surrounding cryptocurrencies which they argue has essentially denied most people an opportunity to discover or experiment with the real cryptocurrencies like Bitcoin or Ethereum and other cryptocurrencies within blockchain technology.

The ICT Association of Malawi president, Bram Fudzulani, told local media recently that at this juncture, Malawi needs cryptocurrencies but said there is a need for heavy consumer awareness and protection before being fully embraced in Malawi.

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