Nigerian startup Breet enables crypto spending
Nigerian startup Breet automates the conversion of cryptocurrencies into local currencies or bank deposits. The company has processed over $1 billion in crypto volume.
Nigerian fintech startup Breet has automated the process of converting cryptocurrencies into local African currencies or bank deposits. The company announced it has processed over $1 billion in cryptocurrency trading volume and more than five million transactions.
Founded in February 2021 by Kayode Faturoti and Balogun Usman, Breet allows users to receive crypto into their Breet wallets and have it automatically converted into dollars, naira, or cedis. The converted funds can then be settled directly into a user's bank account without needing to open the app.
"We were the first platform in Africa to fully automate that offramp flow, and every feature we've shipped since is just another route to the same destination: making crypto something you can actually use," Faturoti stated.
The company also offers an API for businesses, enabling them to integrate crypto payment reception and instant settlement in local currency into their own products. Breet has transitioned from a consumer application to an infrastructure service.