In 2018, three intrepid entrepreneurs from Angola, Ghana, and Nigeria undertook an ambitious journey to build a trading platform for digital currencies. One resigned from a high-paying job at Dell in Canada. They emptied their savings, building the firm with limited resources and stores of perseverance.
Money started coming in from angel investors, friends, and relatives. They put together a token generation event, a crowdfunding mechanism for crypto startups that initially raised $600,000.
Altogether, the company, which they called KuBitX, raised over a million dollars. Over the next three years, they jumped from one ambitious project to another: a crypto exchange, then a blockchain payments system to be used across African countries. Both of them finally failed on May 31, when the CEO pulled the plug by resigning.
SOURCE: QUARTZ AFRICA