BitX Raises $4 million From Naspers Group
BitX is a global cryptocurrency platform that provides highly secure mobile wallets, institutional quality exchanges, and various API’s and other software for merchants and other business integration. The company designed a platform that enables businesses and merchants to use cryptocurrencies in order to allow consumers to securely shop online without a credit card.
BitX was founded in 2013 and is headquartered in Singapore with offices in Cape Town and Jakarta. The company is making money frictionless and universally accessible by building an open, intelligent global platform that leverages Bitcoin and the Blockchain technology. BitX customers around the world use the platform for faster and cheaper money transfers, buying online, and trading and storing their Bitcoin.
This Tuesday, the Singapore-based BitX announced a USD 4 million Series A funding round lead by the Naspers Group, through their payments subsidiary PayU.
BitX co-founder and CEO Marcus Swanepoel commented:
“We’ve been seeing very strong growth across the markets we operate in, and this investment will allow us to both accelerate this growth and extend our footprint to more markets. In Naspers we have a truly global partner with unrivalled capabilities in high growth markets, and we’re very excited to work together in building out our global platform”.
Naspers is a multinational internet and media group, with offices in more than 130 countries. The company’s main operations are based in e-commerce, print media and video entertainment.
James Caviness, chief product officer at PayU, who will join the BitX board of directors stressed:
“We see a bright future for cryptocurrency across a number of industry verticals, and with BitX’s strong management team and solid track record, look forward to leveraging Naspers’ global platform and local knowledge to help them capitalise on these opportunities”.
The business has grown rapidly over the past 12 months and now has one of the largest emerging market footprints in the cryptocurrency ecosystem, with the platform becoming available to over half a billion consumers spread across key markets in Southeast Asia and Africa.
“Given our unique and competitive cost structure this funding round represents a significant capital injection to help expand our business. This, combined with our access to world-class engineering and business talent across our operational centres, our deeplocal knowledge and relationships in the markets we operate in, and our mobile-first approach, gives us a strong competitive advantage as we continue to build out our global platform.”
BitX mission is to provide business Integration and solutions for merchants, banks and media. By giving access to risk management tools, businesses can create custom Bitcoin solutions and Bitcoin pilots for their organizations and explore their local markets before going on full scale.
BitX also takes security very seriously; all of the company’s products and services are built on a highly secure bank-grade technology platform. The platform is a fast, compliant, reliable and robust solution for exchanges with the potential to implement a powerful trading engine and API enabling fast payments in local currencies anywhere in the world.
This funding round will also allow the BitX to expand into other markets, while leveraging the Naspers Group’s extensive global network to help drive large-scale cryptocurrency adoption.
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