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.
More on TechGist Africa
- Innovate UK Grants $856,000 Solar-Powered Smart Sensor Project to Three Kenyan Agritech Startups
- CcHUB’s Innovation Showcase Week 2020 Kicks off With a Bang
- Mobile World Congress 2020 Scrapped Due to Coronavirus Outbreak
- Ecobank Partners AliPay to Aid Cross Border Payment
- Internet Connection fully Restored in DR Congo 22 days After Damage of Undersea Cables