African Bitcoin (BTC) giant invests in streetwear brand
Patricia, the largest Bitcoin trading company in Africa, has invested $1.5 million (~£1.1 million) in a Nigerian streetwear brand Roomxix.
The major African BTC trading company Patricia has invested $1.5 million (~£1.1 million) in a local streetwear fashion brand Roomxix. The price for their clothing items ranges from £35 to £75. The company has been the beneficiary of a broader boom in Nigeria’s fashion industry. African National Bureau of Statistics (NBS) states that the “textile, apparel, and footwear” sector has averaged growth of 17 percent per year over the past decade.
Rooomxix chief executive, Gbenga Adeyefa, commented on the collaboration with Patricia: “Securing this new financing [backs up the] enormous potential that lies in streetwear not just in Nigeria but in Africa at large.”
This initiative is designed not only to spread the word about street fashion, but also help potential crypto enthusiasts destroy a common misconception that digital assets are used only for laundering money and deceiving investors. Such an attitude to new technologies is understandable. The wounds from the Africrypt scam, when investors lost about 69,000 BTC (~£2.5 billion), are still open.
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