Funding round to be used for infrastructural expansion and the development of new products.
The start-up provides a platform that allows users to buy and sell digital currencies in real-time and has initiated plans that will ensure Bitfxt expands more exponentially and deeper into the blockchain sphere.
The series A funding was raised from the British firm Payitup Clearinghouse and a UK-based syndicate of hedge funds (an offshore investment fund, formed as a private limited partnership).
The British firm Payitup Clearinghouse will also act as the clearing house for the startup across Africa and Europe through its affiliates and networks for fast settlements.
Bitfxt also has in place an agreement with the UK-Based syndicate to provide a US$125 million Revolving Margin Facility that all its traders can leverage that will basically lead to higher percentage of profit.
According to Franklin Peters, chief executive officer (CEO), Bitfxt, “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.”
Apart from Bitfxt providing an exchange solution, the startups have also launched a cryptocurrency-powered ATM card that can be used anywhere across the world. It also launched a global multi-utility payment system simply known as BoundlessPay.
Bitfxt is projecting into the future and what this funding will do is that it will serve as the catalyst to take them there and it will also help in the development of marketing efforts.
Featured Image: steemit
Don’t miss important articles during the week. Subscribe to cfamedia weekly newsletter for updates.
