RedRaven Limited is a startup company in Port Harcourt with specialization in building blockchain-related technology. With financial technology (fintech) solutions gaining ground in Nigeria, companies such as RedRaven are leveraging the opportunities provided in this space.
RedRaven makes use of a product that allows merchants to accept payments in Bitcoin, Ethereum and Litecoin without being at risk of price volatility. It also allows users to buy, sell, send, and spend their digital currencies without incurring charges when converting to fiat currencies such as naira, shilling etc. The product is currently undergoing development and approaching beta launch, it works on Android, iOS and on the Web.
The price increase of Bitcoin in 2017 has created a widespread awareness of digital currencies in the general public. Now a lot of people hold these currencies but there is no means of using them for everyday transactions without incurring heavy charges when converting to legal tenders.
Currently, many businesses don’t accept digital currencies as payments due to the risk of volatility and non-existence of a good blockchain infrastructure. The vision is to bridge the gap that exists between digital assets and fiat economies with this product.
Before the pre-seed funding, the company had been conducting a private beta test with over 2000 users actively using the product on daily basis with over 30,000 transactions processed. The data gathered from the private beta is being used to make the product mainstream for the African market.
RedRaven is co-founded by Elatech Limited, a leading I.T company in Port Harcourt which focuses on building and innovating smart technological tools and products that enable businesses and organizations to become more efficient and productive.
Back in March just a few months ago, Elatech Dev Team won the SDN Ken Sarowiwa HackAgric hackathon that featured 40 developers from 4 states across Nigeria’s South-South region namely; Rivers, Bayelsa, Delta, and Akwa Ibom States. They developed a smart farm solution that gives farmers real-time feeds of soil nutrients, temperature, light intensity, soil moisture, soil-PH and intrusion protection alerts for which they were awarded N500,000.