TradeFada’s Seun Dania invests in crypto company, Patricia Technologies

Temitope Akintade
Seun Dania invests in Hanu Fejiro’s Patricia

In a LinkedIn post on Sunday, Seun Dania, founder and CEO of TradeFada, an African crypto firm, announced an investment in Patricia, another crypto company.

According to him, Patricia is one of the top exchanges in Africa, and this investment is a bold move. Although the exact sum and details of this ‘investment’ have not been disclosed by both parties, the post has been liked by Patricia’s founder and CEO, Hanu Fejiro, which signals acknowledgement.

Recall that the Patricia crypto company has endured a difficult period in the past two months. It had to suspend customer withdrawals in June, and till now, it has not been resolved. 

Read also: TradeFada’s Seun Dania says it’s better to work with government crypto laws than try to bypass them

However, Seun Dania says every great company faces its challenges, and Patricia is currently navigating through a demanding phase.

Adversity often uncovers strength, resilience and true character. My investment is not merely a financial move: it is a resounding vote of confidence in the team led by Hanu Fejiro Agbodje that has consistently showcased brilliance, and innovation and has positively represented Nigeria and Africa on the global stage.

I believe in the spirit of this team, their drive, and their capacity to not only revive but to soar higher. This is not only about crypto; it’s about faith, fortitude and the future of finance in Africa.”

Seun’s foray into the crypto space started as a curiosity. He wanted to know how payments would work in the new age, one which held lofty expectations.

The electronics and computer engineering graduate of the Lagos State University (LASU), while working as an IT Manager at an Oil and Gas company started selling e-gold and Liberty Reserve. Both currencies were centralised and when they were shut down, all his assets were frozen by United States courts.

With the advent of bitcoin in 2009 came his decision to build an exchange after clearly understanding what decentralisation was all about, and the fact that no government could shut it down. He built 234 Exchange to give people a platform to buy, sell, and transfer digital currencies. Tradefada came later to accommodate new features.

Seun Dania is acclaimed to have invested in various ventures across industries ranging from Agriculture, Movie Production, Education, and Renewable Energy to various Tech startups.

Patricia’s Backstory 

Patricia disabled withdrawal features for customers for the past two months, and controversial takes and remarks have expectedly followed. 

The firm released a video where its CEO, Hanu Fejiro, gave a brief overview of the company’s challenges. The crypto firm reportedly suffered a million-dollar breach which is the cause of the current crisis.

Related post: BitMama vs TradeFada: A comparison of 2 leading African crypto exchanges

However, the prevalent question, as seen from the reactions and comments of their customers online, is “When will the withdrawal feature be restored?” The customers had not yet gotten an answer until the investment update came up today. 

CBN Crypto Ban aftermath: Patricia relocates headquarters from Lagos to Estonia

Hopefully, the firm would provide a roadmap of how this investment would fastrack the withdrawal of customers’ funds.

Last week, Patricia Technologies Limited announced a partnership with Deimos Cloud Security to revolutionize how the cryptocurrency company protects its customers’ assets and enhances security measures.

The Chief Executive Officer of Deimos, Andrew Mori, expressed his thoughts on the partnership:

“As Patricia’s Cloud Partner, we are committed to implementing industry-standard practices for cloud security and infrastructure. Deimos brings improved security measures and deep technical expertise to Patricia’s cloud infrastructure and application ecosystems. Together, we will elevate security standards, ensuring that customers’ assets remain shielded from any potential harm”.  

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