Nuzo (Boom, Bust, Buidl)
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Episode
407
Guest & Project
Charles Nichols
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BACKGROUND RESEARCH
Guest Research
- Founder in Residence with Celo (Aug 2021 - 2022)
- Charles previously co-founded SunCulture, one of Africa’s leading agricultural fintechs which has raised nearly $50 million in funding.
Project Research
- Nuzo is building a currency (“Nuzo Coin”) that earns yield when people buy and sell on Nuzo Marketplace or pay online or in-store with Nuzo Coin.
- We work with small shops and supply them w/ inventory at competitive wholesale prices if they accept payment in Nuzo Coin. Their customers earn cashback rewards in Nuzo Coin that earn yield 🌱
- You can redeem Nuzo Coin for products and services, cUSD, bill pay, airtime, etc. or stake and earn 30% yield. On roadmap is a lending product that uses Nuzo Coin as collateral.
- Launched mid-2022, today we’re on a $2M run rate w/ 175,000 users in Kenya and growing like crazy. Raised money from 🔥 investors. I exited my first Africa-focused startup, SunCulture (raised $50M) last year.
- Our vision is Nuzo Coin as a pan-African digital currency w/ adoption driven by unique real-world (e.g., rice, sugar, electronics, etc.) liquidity and real-world yield as a hedge against diminishing purchasing power due to weak local fiat currencies.
- Building a value chain for Africans.
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None of what we share is financial advice, do your own research. Don’t forget to share, rate and review.