$30 Million Reportedly Raised by Blockchain Marketplace from Pakistan
With every passing day, cryptocurrency and blockchain technology is paving their way into more countries and regions. This is because of the very nature, profitability, and most importantly, the feasibility of the adoption of platforms based on crypto-blockchain networks.
Therefore, many countries currently facing an economic crisis, are aiming to benefit from the cryptocurrency sector. In the list of countries aiming to diversify their economic growth, Pakistan has emerged as one of the fastest-growing states.
The long-time rival of India is now competing with the cryptocurrency adoption rate in India. The country is fast-tracking the development of the crypto-blockchain sector. At present, the upper hand Pakistan has over India is that there is no regulatory infrastructure against cryptocurrencies and blockchains in the country.
However, given the current circumstances of the country, it is highly likely that the State Bank of Pakistan (SBP) would eventually lean towards the cryptocurrency and blockchain industry.
Despite the lack of knowledge demonstrated by the Government of Pakistan and regulators in the crypto-blockchain sector, the locals seem to be as much knowledge about crypto as Nigerians.
When it comes to the adoption of crypto-blockchain technology, the Nigerians have proven to be extremely welcoming and tech-savvy. At present, Nigerians have better knowledge of cryptocurrencies than the people in the United States.
Pakistanis have proven to be just like Nigerians and Indians when it comes to the adoption and understanding of cryptocurrencies and blockchains.
This is the reason why the cryptocurrency and blockchain sectors are gaining a lot of support from the public in Pakistan. Just recently, a crypto-blockchain marketplace startup in Pakistan has reported the conclusion of a successful funding round. The name of the platform is Bazaar Technologies and it is set to become the pioneer of business-to-business (B2B) marketplace for crypto-blockchain adoption in Pakistan.
The team behind the development of Bazaar Technologies has announced that the recently concluded funding round has helped them generate $30 million. The firm has revealed that it was the Series A funding round that the development team at Bazaar Technologies had carried out. It is also recorded as the largest funding round for the crypto-blockchain sector held in Pakistan.
The firm has announced that the funding round was successfully concluded on August 24, 2021. Several contributors had reportedly participated in the funding round. The leading entities in the particular funding round were Wavemaker Partners from Singapore and Defy Partners from Silicon Valley.
Other participants who participated in the funding round included Saison Capital, LinkedIn, Endeavor, Alter Global, and Valley Capital.
Bazaar has announced that at present, they are providing their B2B marketplace platform to over 75,000 merchants. These merchants are from 400 different villages and towns in Pakistan.