Bitlipa, a Kenyan P2P remittance network which has been in operation for about two months now, continues to gain traction amidst the current Covid-19 pandemic.
Speaking to BitcoinKE, the company CEO, Apollo Eric, said the startup is now moving over $120, 000 both on its platform and on its Android application per day with over 5, 200 users already registered and using the platform.
BitcoinKE spoke to a few traders using the platform who said transaction rates on Bitlipa are some of the lowest in Kenya at only 2.5%. The average user transaction on the platform is $500 or KES 50, 000.
According to Bitlipa CEO, this has been made possible after securing a partnership with Enigma Securities to provide Bitlipa with bitcoin liquidity at affordable rates.
Here are some other features of the exchange:
Minimum exchange amount (bitcoin) – 0.001 BTC so average KES 1,100
Maximum amount you can deposit on fiat wallet is KES 100, 000 / $1,000
KYC requirements – Phone number and email only
Bitlipa however seems to be plagued with a few platform issues with users on social media complaining of delays in transaction processing and sometimes the platform not working.
According to Apollo, the company is still solving issues on its beta version and users can expect a better experience as the company continues to improve the user experience.
Users can also look forward to the launch of version 1.0 of the app in the last quarter of 2020.
When asked where he sees Bitlipa in the next six months, Apollo said:
“Our goal/mission is to build easy to use tech that brings sanity and order in the crypto space…as you know, there’s alot of anarchy, scams and fraud…we want to bring this underground market to the mainstream economy…this is why I think the CBK is very supportive.
Given current growth trajectory, we see 1.5 million users with transactional volumes of over $5 million daily by end of 2020. The growth has been quite ecstatic, whenever we are down over the weekends, some of our users take it personal, even hurl abuses at us, that’s how hot this product is….we are working to integrate MTN to capture West and South African markets just like we have done with MPESA in Kenya…Airtel already gave us everything we need to integrate, so just a matter of time.” ~ Apollo Eric, CEO, Bitlipa
BitcoinKE has organized a training class to teach you how to buy, sell, and trade fiat, bitcoin, and crypto on the BitLipa platform. We shall be hosting the CEO of BitLipa, Apollo Omer, as he takes questions and a demo of the BitLipa platform.