Adaverse, co-created by EMURGO Africa, announces investment in ScaleX
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Adaverse, co-created by EMURGO Africa, announces investment in ScaleX
Adaverse, co-created by EMURGO Africa, announces investment in Scalex to enhance cryptocurrency trading experience in Africa
Navigating Web3 tides with focused insightsAdaverse is a Cardano ecosystem incubation investment fund dedicated to scaling Web3 ventures across Africa. Adaverse recently announced its investment in Scalex, a pan-African peer-to-peer network aiming to bring secure and seamless cryptocurrency trading experiences to the entire African continent. This strategic investment forms part of Scalex’s seed round, co-led by EMURGO Africa, Adaverse, and Hacked Capital.
What is Scalex?
Scalex is committed to building solutions that enable African users to easily and seamlessly access the crypto ecosystem. Developing product features on Web3, Scalex is the first revenue-sharing, fully automated P2P platform. By integrating the best of TradFi and DeFi infrastructure, Scalex delivers a secure, guaranteed, and automated cryptocurrency platform powered by industry-leading product capabilities.
In short, Scalex is exploring the possibilities of cryptocurrency in Africa—leveraging decentralized infrastructure with liquidity aggregation to provide traders with fast and efficient transaction pathways. Scalex was co-founded by Nnaemeka Nwosu, James Ademuyiwa, Adeniyi Adedamola, Ngati Jalani, and Joel Ajide, a group of entrepreneurs based in Lagos dedicated to solving the issues of unsecured platforms within Africa's P2P and trading markets.
Why Scalex?
Between 2021 and 2022, cryptocurrency payments in Africa grew by 1,200%, making it one of the fastest-growing markets among emerging economies. Key drivers behind this growth include inflation, fiat currency depreciation, and increasing public interest in cryptocurrency—particularly for cross-border remittances. Due to government restrictions on cryptocurrency trading, P2P trading models have become commonplace. However, informal trades frequently occur outside licensed exchanges, especially via chat apps like Telegram and WhatsApp. This exposes both parties to significant risks such as Ponzi schemes disguised as crypto projects, unprotected trade agreements, and potential fraud.
Scalex aims to address these risks faced by African users in P2P transactions involving cryptocurrencies and fiat. As it moves toward becoming Africa’s leading P2P platform, Scalex is also reimagining how cryptocurrency trading can be facilitated globally.
Shogo Ishida, Co-CEO of EMURGO Africa Middle East and Africa, praised Scalex’s mission as one worthy of emulation. “EMURGO Africa is excited about Scalex’s vision to deliver more secure and seamless next-generation financial services across Africa—a goal aligned with our own mission of building socially impactful product solutions in Africa,” said Ishida.
Scalex aggregates liquidity from various service providers (merchants and crypto platforms), enabling users to instantly top up funds to exchanges and wallets (custodial and non-custodial) anywhere in the world within just three minutes. Users can then convert their cryptocurrency into fiat at the most competitive market rates. The product advances discussions around decentralization in Africa’s crypto space, and is currently developing a feature (W3Ramp) to help users bridge from fiat into DeFi/Web3 protocols, enabling liquidity across different blockchains including Cardano.
“As we work to build value-driven solutions and empower millions of African users to continue accessing the crypto space, our partnership with Adaverse is invaluable. It provides us with deep expertise and connectivity to Cardano. We’re excited to collaborate with organizations passionate about the broader development of Web3 and blockchain in Africa,” said James Ademuyiwa, Blockchain Lead and Co-Founder at Scalex.
Vincent Li, Founding Partner at Adaverse, stated: “Fear of asset depreciation remains a major barrier for African users adopting cryptocurrency, and Scalex intends to solve this through a unique platform. Scalex’s multi-chain infrastructure ensures secure peer-to-peer transactions, and Adaverse is pleased to offer strategic guidance and support their growth using tools built on the Cardano blockchain.”
About Adaverse
Adaverse is a global Cardano incubation investment fund launched jointly by EMURGO and Everest Ventures Group, aimed at helping the next generation of African and Asian Web3 startups succeed on the global stage. Adaverse provides incubation resources to support startups in building sustainable businesses across Africa, Asia, and beyond.
About Adaverse
- Official Homepage: adaverse.co
- Twitter: @Adaverse_Acc
- Facebook: Adaverse Accelerator
- Instagram: @adaverse_acc
- Medium: Adaverse Accelerator ; Adaverse Asia
- LinkedIn: @Adaverse
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