Raising Capital Markets With Crypto - An Interview With Seun Dania, CEO Tradefada

1. Hi, Seun, please introduce your company and give a brief about your role within Tradefada?

Tradefada is a one-stop cryptocurrency exchange that combines the reliability and swiftness of a web-based exchange with the convenience and portability of an app. Tradefada offers the ability to buy into the crypto market through various local currencies and trade on over 100 pairs of the top and most reliable cryptocurrencies. Founded by a duo of experienced digital currency traders with a vision to see Africa benefit immensely and achieve economic freedom by leveraging on cryptocurrencies, Tradefada provides solutions to all cryptocurrency trader’s needs.

As the Chief Executive Officer of Tradefada, my responsibilities are towards developing high-quality business strategies and plans ensuring their alignment with short-term and long-term objectives.
Overseeing all operations and business activities to ensure they produce the desired results and are consistent with the overall strategy and mission.

2. How did you define the vision of Tradefada? How did you approach your first 100 days as the CEO at Tradefada? Can you tell us more about your blockchain journey?

During my first 100 days as the CEO, I developed the organization's roadmap and business plans. Then went ahead to seek alliances with existing software development organizations in order to hit the ground running.

My blockchain journey: I had learned about digital currencies in the early 2000s when E-gold emerged and had since followed through with other centralized currencies which were either abused or shut down by governments. After the introduction of the bitcoin whitepaper, my interests grew which made me explore avenues to participate in and add value to the ecosystem. While being the only verified reseller of ledger hardware wallets in Nigeria, I looked for other means to safely participate. Mining wasn’t an option due to the power challenges in the African region, hence the move towards a cryptocurrency exchange. I initially birthed 234exchange, a fiat-to-crypto brokerage, and later formed alliances with the Tradefada team.

3. What are your observations about blockchain adoption in Africa?

Africa is witnessing the mass adoption of cryptocurrencies and blockchain technology. I see blockchain as a means to solve a lot of the problems we have in Africa due to its transparent nature and reduced need for heavy infrastructure. I see Africa as the center for new tech adoption.

4. What are some of the common pain points that your customers approach you with?

Customers usually have issues around understanding the fundamentals of blockchain, ease of use. As we are still in the early adoption stages, there's so much technical jargon flying around, it's upon us as players in the industry to provide easy integration and applications across various sectors. 

5. Some of the big software companies have also started selling their blockchain platforms to large enterprises. Do you see them as competitors?

The selling point for blockchain is its decentralized nature, and as such large corporations centralizing the applications may not be sustainable. As we are seeing more development in the Defi space, the competition for market share would be between centralized and decentralized.

6. Which platform do you prefer to use when developing a blockchain application? Why?

The Ethereum platform because of its maturity, smart contracts, cross-industry platform, and community strength, and depth of development tools available makes it the go-to choice for me.

7. What scalability and throughput challenges are there with blockchain? What solutions would you suggest?

With Bitcoin, the issues have always been the high fees and huge dependence on computing resources.

8. Can you give us a sneak peek into some of the upcoming upgrades that your customers can look forward to?

• We are looking to promote fiat to crypto on ramping on a large scale which would enable anyone with a blog/website to make money from crypto.
• We have also partnered with some of the largest agent networks across Africa to bring crypto trading to every neighborhood.
• We are also developing merchant applications to enable businesses to accept an array of the topmost cryptocurrencies for their products and services while they have the option to settle in real-time in crypto or fiat equivalent.
• We are also partnering with top real estate companies to provide affordable mortgage options for users.

9. Where do you see things headed for you in the next 5 years?

• In the nearest future, cryptocurrencies and the underlying blockchain technology will become mainstream and accepted in all facets of life and industries. More products and services would be developed to ease up crypto use across the globe. It’s just a matter of time. 
• We would also experience huge growth in new Defi products and services. 
• We will have more countries develop CBDCs and private blockchains coming up to provide B2B use cases across several industries for trust. 
• I see about ¼ of the world’s money going into cryptocurrencies within the next 2 years. 
• Crypto will be the future of capital markets

10. What are the top-three books or movies (TV series) that changed your life and why?

• The men who built America (documentation series on History channel)
• The winner’s brain by Jeff Brown and Mark Fenske
• Rich Dad Poor Dad by Robert Kiyosaki

11. How do you keep yourself motivated every day?

• By not accepting the status quo
• Need to provide prosperity for the continent of Africa

12. What is your favorite entrepreneurship quote?

"The value of achievement lies in the achieving"

- Albert Einstein

Takeaways!

• “The vision of Tradefada is to see Africa benefit immensely and achieve economic freedom by leveraging blockchain technology and cryptocurrencies”, as quoted by Seun.
• According to Seun, “Africa is witnessing the mass adoption of cryptocurrencies and blockchain technology.”
• The selling point for blockchain is its decentralized nature.
• Dania prefers developing a blockchain application with the Ethereum platform, because of its maturity, smart contracts.
• Seun predicted huge growth in new Defi products and services in the near future.
• “For the trust, we will have more countries develop CBDCs, and private blockchains coming up to provide B2B use cases across several industries.” scoped by Seun.
• Seun also forecasted, “I see about ¼ of the world’s money going into cryptocurrencies within the next 2 years.”
• According to Seun, “Crypto will be the future of capital markets.”