In July, Singapore-based BitX raised $4m for its expansion, this week, the firm announced an undisclosed amount of additional funding from South Asia’s Venturra Capital to solidify its position in the region.
Venturra Capital will join BitX’s existing investor group that includes The Naspers Group and Barry Silbert’s Digital Currency Group to expand the global cryptocurrency platform with operations in Asia and Africa and around the world.
“We’re very excited to bring Venturra onboard for the next phase of BitX’s growth”, added BitX co-founder and CEO, Marcus Swanepoel. “Venturra is one of those rare funds that doesn’t just talk about adding value, but actually does it, in a consistent, relevant and tangible way.”
Swanepoel adds that the raise will connect the firm to unrivalled expertise and networks in the Southeast Asian market and is an exciting partnership that will help solidify its leading position in the region.
BitX provides highly secure mobile wallets and institutional quality exchanges, and various APIs for merchant and other business integration, faster and cheaper money transfers, buying online, and trading and storing their Bitcoin.
Venturra Capital is a US$150m Southeast Asia- focused venture fund based out of Jakarta, founded by former Rocket Internet and Monk’s Hill Ventures partner Stefan Jung, Google Indonesia CEO Rudy Ramawy and John Riady, Director of the Lippo Group, a diversified Indonesian super-conglomerate.
In a statement, Stefan Jung, Venturra Capital co-founder and managing partner said: “BitX has an exceptional team that combines deep technical expertise and commercial acumen. They have proven they can build innovative products and strong traction in a rapidly emerging industry.”