Blockchain adoption is real and has been moving to take over the rest of the world, too, apart from the US and Europe. Today’s article is about Pakistan and the blockchain boom that is evident there; Pakistan might be a bit late to enter the crypto space, but the good thing is that it is there right now and striving only for excellence in future endeavors.
Bazaar technologies is a B2B marketplace in Pakistan that has collected over $30M in the recent investment round of series A of the market. There was a recent announcement by the firm explaining that the first round of investment has come to an end, and the silicon-based investors and the Singapore Wavemaker partners were all investing in it.
Pakistan is also Exploring Crypto Space
But these were not the only investors that saw ability in this investment regime as other investors such as LinkedIn, Japan’s Saison Capital, and Endeavor participated independently in this investment round. The main initiative of the Bazaar technologies is to help the local stores housing ordinary daily life items, also known as the Kiryana stores in Pakistan, to acquire inventory to sell while also helping these stores in the shipping of the inventory. At present, the firm is serving more than 750K merchants that are located in 400 different towns and villages throughout the nation.
The firm’s total funding, thanks to the vigilant investing round led by Bazaar technologies, is now near $37.8M. It had a seed of only $6.5 million starting this journey and is now sitting at a promising $37.8M. The firm is looking forward to launching multiple specters in relation to the blockchain and the decentralized space.
Bazaar technologies was initially founded by two partners, Hamza and Saad, back in 2019. In the last year, Pakistan’s SEC published a paper representing some of the esteemed benefits of the cryptocurrency and blockchain assets and how the country could benefit from engaging with these. This might be a start for the crypto space in Pakistan, but it is a start well initiated.