Nigeria’s Blockchain startup Bitfxt which also runs Bitfxt cryptocurrency exchange platform has raised $15M in funding from a UK syndicate of Hedge Funds and UK company, Payitup Clearinghouse Ltd (UK). for expansion.
Bitfxt has also concluded an Agreement with the syndicate to extend a $125M Revolving Margin Facility for all its traders to leverage their position for a higher gain.
“We are super excited about this development and we sincerely appreciate our existing customers for believing in us as we widen our doors to even more customers while still maintaining very high standards… We pledge to do even more than we have ever done. Over the next couple of months, we will be working on infrastructural expansion and launching of some jaw dropping products that will benefit Nigerians and Africans at large”.
Franklin Peters, CEO BITFXT.
According to the firm, the funding by foreign institutional funds is a testament to its growth potential cultivated. Payitup Clearinghouse Ltd (UK), will act as a clearinghouse across all the markets in Africa and Europe through its affiliates and networks for immediate settlements.
Bitfxt hybrid exchange, the first of its kind cryptocurrency powered ATM cards that can be used anywhere in the world, a global multi-utility payment system known as BoundlessPay among others.
The funds will help in the development of marking efforts through its subsidiary BoundlessPay as well as development of proprietary infrastructure to compliment existing financial networks. Users of BoundlessPay will have options of settling in US$ or Naira through our portal and also earn in US$ locally.
Recently, Bitfxt partnered with remittance firm Dash to power transfers as quickly as possible. With the deal, a recipient receives Dash and convert to Naira at a fee of 1% for volumes of $200 and above, and 2% for volumes less than $200.
According to Nathaniel Luz, Lead of Dash Nigeria, this reiterates the commitment of Dash to be an everyday digital cash, people could use, especially in the areas of remittance and international payments. Dash is necessary for developing economies like Nigeria, as existing financial infrastructures come at a high fee to users.
Dash is digital cash, allowing millions of individuals, as well as thousands of merchants and businesses across the globe to carry out blazingly fast, secure transactions for less than a cent.
A top ranked cryptocurrency, with a market cap of over $1.14 billion USD, and the rising alternative to bitcoin, Dash is accepted at thousands of merchants globally, accessible via 700+ ATMS and 90+ exchanges worldwide, making it one of the few, offering safe, decentralized solutions.