Blockchain technology has gained widespread acceptance globally due to its multiple use cases and this has also ignited its fast-growing adoption on the African continent. Blockchain technology and cryptocurrency have provided African businesses with cheap and fast cross-border transaction options which have allowed for increased scalability and improved the ease of doing business.
It is on this premise that Bitpowr, an all in one blockchain wallet and digital assets solution provider launched to build infrastructure for businesses and organizations looking to scale their businesses; create, manage and secure their crypto wallets using the blockchain network.
Bitpowr offers Wallet API – a complete suite wallet management solution that lets businesses create and manage different types of wallets for different blockchain and different use cases; payments API which enables businesses accept crypto payments with little to no setup.
Bitpowr is available to fintechs who want to build exchanges or P2P platforms; retail platforms who want to incorporate crypto payment into their payment system; and businesses who want to accept crypto as a means of payment and manage their assets. In addition to that, the Bitpowr wallet can be used to make crypto payments, save, build your exchange, do crypto banking and digital business. “Our vision is to build AWS for crypto in the sense that we power any kind of business that wants to build on the blockchain such that we have different services that can power these businesses,” Toby Oyetoke, BitPowr CEO and CTO, said.
In his conversation with startups, Toby discovered that the process of building Blockchain infrastructure is usually very time consuming, capital intensive and requires highly skilled Engineers to deliver on the job. “The cost of building on the blockchain is very high,” he revealed. “You need really good skilled software or blockchain engineers who will develop and maintain the product, resources to build the application, cost of running and maintaining the nodes (a BTC full node alone is $300-400 monthly, meanwhile at BitPowr we are supporting about five other nodes). You also need to cater for monitoring transactions, security, etc. For a new startup not making much money yet, you’ll end up spending so much on integrating the blockchain rather than building your product.” he added.
There are some products in the market with some of these APIs but the challenge is they don’t provide everything these businesses need so the businesses end up using up to five different APIs to achieve their aim but with BitPowr, an all-encompassing tailor-made product has been made for crypto enabled businesses to scale and thrive at an affordable cost.
The BitPowr pricing model isn’t a fixed one but users are expected to pay a maintenance fee of $100. Subsequently, subscriptions to the platform will then be based on transaction volume for the month such that the higher the transaction volume, the lower the percentage remitted.
In terms of data privacy and web security, Bitpowr utilizes a wide range of cryptosystem layers of Multi-Party Computation, Threshold Cryptography, and Nacl Box Public Key Cryptography to deliver enterprise-grade keyless wallet vault enabling businesses to benefit from the high level of security, resilience and availability.
Having been in operation for a couple of months now with clients based in Nigeria and Cameroon, Bitpowr plans to expand to other African countries by Q2 2022. Businesses seeking to scale via blockchain technologies are welcome to reach out.