In a meticulously planned move, Btrust, the non-profit entity endowed by Block CEO Jack Dorsey and iconic rapper Jay-Z, has successfully concluded its acquisition of Qala, a prominent institution dedicated to cultivating African talent in Bitcoin and Lightning engineering. This pivotal acquisition, formalized on September 1st, has seen the transformation of Qala into the Btrust Builders Programme. Here is how this strategic merger will work.
- Shared Vision, Synergistic Approach: At the heart of this acquisition lies a shared vision between Btrust and Qala — advancing Bitcoin development in Africa. Btrust, initially seeded with 500 BTC, boasts financial prowess but sought a well-structured mechanism to nurture a sustainable talent pool for Bitcoin development. Qala, on the other hand, brought a wealth of educational infrastructure but grappled with resource limitations. Their union brings together complementary strengths.
- Financial Constraints at the Forefront: Femi Longe, Qala’s CEO, transparently identified financial challenges as their primary obstacle. Operating as a social enterprise, Qala’s reliance on grants from organizations like the Human Rights Foundation and Coinbase Giving made them susceptible to fluctuations in Bitcoin’s price, which often influenced the availability of charitable donations. Btrust’s infusion of resources significantly addresses this concern.
- Stipends for Talent Development: Beyond the daily operational needs, Qala needed financial backing to provide stipends to participants advancing to the intensive phase of their training programs. This crucial support ensures that budding engineers can wholly devote themselves to their educational journeys.
- Attracting Senior-Level Engineers: A distinctive challenge lay in enticing senior-level engineers to transition into Bitcoin development, a move that inherently demands higher costs due to commensurate stipends expected by seasoned professionals. These experts bring an unparalleled ability to navigate complex challenges swiftly, surpassing the capabilities of junior and mid-level peers. The partnership with Btrust augments Qala’s capacity to attract such seasoned talents.
- Key Leadership Transition: A significant outcome of this acquisition is the transition of pivotal figures from Qala to Btrust. Femi Longe and Stephanie Titcombe, integral to Qala’s mission, will now assume roles as program leads within the Btrust Builders initiative, reinforcing the alignment of objectives.
- Focus on Open-Source Training: The Btrust Builders Programme is set to pivot toward open-source training, a strategic shift that embraces a broader vision. Moreover, it extends an invitation to senior African software developers, offering them the opportunity to embark on transformative journeys into Bitcoin and Lightning development.
Ojoma Ochai, a Btrust Board Member, conveyed immense pride in welcoming Femi Longe and his accomplished team into the Btrust fold. Ochai recognized Qala’s noteworthy contributions in advancing open-source development in the Global South, an alignment with Btrust’s core mission centered on educational empowerment within the region.
Bernard Parah, co-founder and director of Qala, succinctly articulated the essence of this historic collaboration: “When we launched our program in 2021, our objective was straightforward: to cultivate a substantial number of African engineers well-versed in Bitcoin’s potential to transform the continent.” With today’s announcement, this mission gains renewed impetus, equipping communities with the resources to actively contribute to Bitcoin’s open-source development — a pivotal solution to the distinctive socio-economic challenges confronting Africa.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard