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Blockchain Crypto Exchange Startup, Bitfxt Raises $15M Fund to Scale Global Growth

Tech Gist Africa by Tech Gist Africa
02/18/2020
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Bitfxt, a blockchain and crypto exchange platform in Nigeria, has raised $15M in funding. The money is from Payitup Clearinghouse, a Syndicate of Hedge Funds based in the UK. The fund will be used to expand its business globally.

Africa has continued to witness more growth from the blockchain industry. This growth is a result of the continuous advancement in technology and an increase in internet penetration in Africa.

Blockchain is also growing in Nigeria, with the likes of Bitfxt taking a significant role in the crypto market. Bitfxt offers a hybrid crypto banking solution that enables users to trade with Initial Exchange Offering, IEO. 


See Also: Google Abruptly Ends Free WiFi Programme in South Africa


The startup also offers hybrid crypto powered ATM cards that can be used in any part of the world, as well as a global multi-utility payment system dubbed BoundlessPay. 

The startup will leverage the fund to penetrate the global market. It will also empower its subsidiaries and complement existing financial networks. 

The Chief Executive Officer, Franklin Peters, noted that the fund is an affirmation to the startup’s growth by the UK blockchain company. 

The startup will improve its infrastructure and launch some amazing products that will benefit Nigeria and other African markets.

Also, Payitup Clearinghouse will now act as a major clearinghouse for all Bitfxt markets in Africa and Europe. Hence, enabling users to settle transactions in either dollars or naira and earn from both currencies.

 

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Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across Africa and sharing simple social media and digital marketing tips for startups, entrepreneurs and business owners.

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