In this letter, we explore:
- Bitcoin’s bull run and Africa’s crypto ambition
- Moove partners with Waymo for US expansion
- Starlink achieves direct-to-cell satellite connectivity
We also curated updates on startup funding in Africa, weekend reads, and several opportunities.
Bitcoin’s bull run and Africa’s crypto ambition
Last month, we explored what Donald Trump’s second presidency could mean for the African tech ecosystem. One of our predictions—that his administration might favor cryptocurrencies—has already proven accurate.
On Thursday, December 5, 2024, Bitcoin reached an unprecedented milestone, crossing the $100,000 mark. This historic surge has been driven by growing optimism around a more crypto-friendly regulatory environment in the United States. The ripple effects of this landmark moment are being felt globally, especially in regions like Africa, where cryptocurrency adoption is booming.
Africa has become a hotspot for crypto activity, with millions turning to digital assets for everything from remittances to investments. Nigeria stands out as a key player, witnessing a significant rise in cryptocurrency usage. This makes the country a prime focus for crypto platforms navigating the regulatory landscape.
One such platform is Yellow Card, a leading cryptocurrency exchange in Africa. The company is currently working to secure a Crypto Asset Service Provider (CASP) license from Nigeria’s Securities and Exchange Commission (SEC). Achieving this regulatory approval would enable Yellow Card to expand its offerings, and strengthen its foothold in the Nigerian market.
The timing couldn’t be better. As Bitcoin’s value continues its meteoric rise, bolstered by a potential shift in US crypto policies under Trump, Africa’s crypto ecosystem is on the brink of even more growth.
Moove partners with Waymo for US expansion
Uber-backed Nigerian mobility fintech, Moove, is making inroads into the United States through a partnership with Alphabet’s self-driving car service, Waymo. Starting next year, Moove will expand its operations to the US.
This partnership allows Waymo to offload fleet management responsibilities to Moove, enabling the self-driving car company to focus on developing and scaling its autonomous technology. For Waymo, this collaboration streamlines operations and accelerates its expansion into new markets. Meanwhile, Moove will handle key aspects such as fleet maintenance, charging, and overall operations, leveraging its proven expertise in vehicle financing and fleet management.
Moove will also play a pivotal role in building the infrastructure needed to support Waymo’s driverless fleet, ensuring a smooth transition into the US market. This collaboration aligns well with the growing acceptance of robotaxis and electric vehicles in the US. In October 2024, Waymo reported over 150,000 paid trips and logged more than one million fully autonomous miles per week—a testament to the increasing demand for autonomous mobility solutions.
Context: Since its inception, Moove has been Uber’s exclusive fleet partner, purchasing vehicles and leasing them to drivers through a weekly payment model that leads to ownership. The company has also set ambitious sustainability goals. In 2022, Moove announced plans to become Uber’s largest EV partner in London, targeting the deployment of 10,000 EVs and over 6,000 charging points by 2025.
Starlink achieves direct-to-cell satellite connectivity
SpaceX has successfully deployed its first Starlink satellite constellation capable of direct-to-cell phone connectivity.
This paves the way for internet access in remote areas that lack traditional cellular infrastructure.
The new constellation, launched via SpaceX’s Falcon 9 rocket, enables unmodified cell phones to connect to the internet through satellite signals. While the initial bandwidth per beam is limited to 10Mb, SpaceX plans to significantly enhance future constellations.
The Direct-to-Cell service is designed to be seamless, requiring no hardware, firmware, or app modifications. Users will be able to access text, voice, and data services directly through their existing cell phones.
The rollout of the service is slated for 2024 and 2025, with text messaging becoming available in 2024 and voice, data, and IoT services following in 2025.
Zoom Out: The Independent Communications Authority of South Africa is working on rolling out a framework for satellite-based internet services in 2025. a framework that could pave the way for the long-awaited launch of Starlink in South Africa.
💰 State of Funding in Africa
Here’s a roundup of African startups that secured funding this week:
- Côte d’Ivoire-based fintech HUB2 has raised $8.5 million in a Series A funding round led by TLcom Capital. Other participating investors include FMO, Enza Capital, Bpifrance, and Eric Barbier, founder of Thunes (a cross-border payment infrastructure provider).
- Senegal-based cloud communication startup LAfricaMobile has raised an additional USD $2.2 million to its Series A funding round. The final phase of the round was led by Bpifrance, the French state-backed investment bank, with participation from Janngo Capital, Southbridge Investments, and Ciwara Capital.
- Morocco-based urban mobility startup Enakl has raised $1.4 million in a pre-seed funding round led by Catalyst Fund. Renew Capital, Digital Africa, Station F, and 15 angel investors participated.
- Tunzaa, a Tanzanian fintech startup, secured an undisclosed amount of funding from Warioba Ventures.
- Egypt-based logistics startup Nowlun has raised $1.7 million in seed funding. Nama Ventures and A15 led the round, including Sanabil 500 Global and other angel investors.
🍿 Weekend binge
- Are you fed up with your salary? Why many professionals feel the same
- Why investors don’t mind that AI is a money pit. Why are investors justifying this pricey gamble
- Why people hate the sound of their own voice? The biology and psychology behind the disconnect
- Why different currencies have different values. Why $1 is not the same as €1 or ¥1
💼 Opportunities
We carefully curate open opportunities in Product & Design, Data & Engineering, and Admin & Growth every week.
Product & Design
- Qore Technologies — Product Manager, Lagos
- Windranger — Graphic Designer, Remote
Data & Engineering
- Give Directly — WordPress Engineer, Remote
- Elite Software Automation — Frontend Software Developer, Remote
Admin & Growth
- Smarketers Hub — Social Media Lead, Remote
- Superside — Digital Content Specialist Lead, Remote
- Condia — Sales & Partnership Associate, Hybrid
