Bitpowr Press Release
Blockchain Infrastructure Provider, Bitpowr, Joins 500 Global’s Flagship Accelerator Program
Bitpowr has been accepted into 500 Global’s Flagship Accelerator Program which seeks to help early-stage startups find their footing and scale through valuable mentorship and support. This news joins Bitpowr’s growing list of remarkable milestones in 2022.
The 500 Global Flagship Accelerator Program accepts companies that fulfill certain requirements including having verifiable traction and demonstrable understanding of their customer and unit economics. Bitpowr certainly ticks these boxes as it seeks to become the AWS of crypto by providing ready-to-deploy, cost-effective and scalable blockchain infrastructure for businesses.
In 2020, 40 million more Nigerians used or owned crypto compared to Americans. Part of the reasons for this impressive adoption is that crypto and blockchain solve more pressing pain points in emerging markets than in developed ones. For instance, real inflation in Nigeria was close to 20% this year. Blockchain products can help SMBs and their customers hedge inflation, grow their revenue and income and facilitate cross-border payments and peer-to-peer transactions.
However, this customer segment has been underserved by incumbent blockchain infrastructure providers. Bitpowr seeks to close this gap by offering SMBs in emerging markets a faster, affordable, and scalable way to build blockchain solutions with infrastructure for wallets, payments, settlements, cloud and custodian services.
Since emerging from stealth earlier this year, Bitpowr has increased transaction volume by 3x through its wallet infrastructure and has already flipped four customers from key competitors. The company is looking to record even better performing growth metrics by enrolling in 500 Global’s accelerator program.
500 Global launched its flagship global accelerator program in 2010 when 500 startups devised a plan to help early-stage startups scale by providing them with training, support, community, funding and other vital resources. The highly sought after program includes a curriculum focused on marketing, sales, finance, culture, product design, startup accounting, and more.
Accomplished entrepreneurs, investors, executives and other individuals deliver the curriculum and offer mentorship that helps startups figure out operational elements critical to survival and growth. They offer hands-on support to startups in fine tuning their business and product strategy, investor pitches, and growth metrics.
Founders also get access to a community where they get to work and connect with over 5000 founders, some with similar needs and problems, more than 200 mentors and other high-value contacts. Startups often find such connections invaluable on their journey as they offer benefits ranging from investor introductions to growth-enabling partnerships. To top it off, 500 Global also makes a $150,000 investment in each participating company and organizes a demo day where founders can pitch to investors to secure support.
Speaking on this important milestone, Bitpowr co-founder and CEO, Oyetoke Tobi shared that Bitpowr’s goal is to help businesses replace the up-front infrastructure expenses you need to power your blockchain-enabled business, no longer need to plan for infrastructure needs, weeks or months in advance. Instead, you can setup your solutions and deliver results faster. Bitpowr wants businesses to quickly innovate, experiment and iterate as they go rather than waiting months before deploying applications and new business solutions. "Our current focus is Africa. One of the ways we are looking to expand to other African countries is by building out our settlement infrastructure.
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