BitX receives $4 million funding spearheaded by Naspers -

Analysis Bitcoin

Published: 7/21/2015 4:29:00 AM

Cryptocurrency platform BitX, which has offices around the world including South Africa, has announced it’s secured $4 million in funding in an Series A round.

The bulk of BitX’s funding, which makes buying cryptocurrencies like Bitcoin easier, comes from Naspers, the South Africa-based media group who holds minority investments in Tencent and, in addition to producing many other publications and websites.

“Naspers backs some of the most successful internet companies of our time, and with their unrivaled experience and networks in all the key high growth markets around the world, we couldn’t have wished for a better partner to continue this exciting journey with,” BitX wrote on their blog.

BitX explained that it has seen huge growth over the last 12 months, and the additional funding will be used towards facilitating growth and “continue to deliver on our promise of providing high quality Bitcoin products and services to our customers.”

It currently operates in Malaysia, Kenya, Indonesia, Nigeria and South Africa, but the funding will also allow it to open up offices in new countries.

“This funding round also allows us to expand into other markets, launch a number of exciting new products and more generally leverage the Naspers Group’s extensive global network to help drive large-scale cryptocurrency adoption.”

The company is expanding at such a rate, that it is also hiring new staff members, predominantly for its Cape Town office.

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