Announcing Cashestate — Dollar Denominated Investment Returns For Nigerians (Part 1)
I started thinking about how to make it possible for Nigerians to invest in US Dollar opportunities as far back as 2014 when I talked about the difficulties Nigeria’s economy was going to face and how Nigerians should convert their money into dollars and find ways to invest it into dollar denominated assets. I shared that post on my personal blog here.
I found out around that time that there just weren’t that many places for someone to invest in dollars, and earn a decent return, from Nigeria. Domiciliary accounts don’t produce returns, and sometimes, with the country’s FX situation, even getting your own dollars from them was not possible. From my background in finance, I knew that there were plenty of investment opportunities around the world, especially in the US which is where I’ve spent the last 7 years. But I just couldn’t find an easy, transparent and feasible way to connect the people back in Nigeria who needed access to non-naira correlated investments to the opportunities available everywhere else.
My first step in trying to crack that puzzle led me to join up with my friend Timi, and everyone’s favorite developer, Ire. Both of them are programming ninjas, and I’m a bit of a finance nut so together, we created what is inarguably the best cryptocurrency exchange in Africa today, Buycoins. If you’re in Nigeria and you’re buying or holding cryptocurrency anywhere else, well, I feel a little bad for you. Get the app, like, ASAP. With Buycoins, we crossed the first step of the hurdle, getting in and out of naira to other currencies and getting access to non-correlated returns. Today tons of people are using cryptocurrencies in many exciting ways from within Nigeria, and the team at Buycoins continue to make the platform the best possible place to transact crypto related business of all kinds and connect to the global financial revolution being enabled through crypto.
However, one thing that was missing for me was something that offered predictable, consistent and relatively decent dollar returns. I had a pretty good idea how to go about it, but it was impossible to do from within Buycoins. And so, after some conversations with the team, we agreed to part ways so I can work on this. I then drafted another friend of mine and Andela alumni, Bosun and together he and I, and the other members of our team have built and are now launching the new investing platform, Cashestate.
In my next post I’ll talk about Cashestate’s mission, how it works and what it can do for you.
Do stay tuned.