Categories: Business Plans

Bitcoin Firm BitX Sets Up Shop In Nigeria, In A Drive To Go Global

After setting up shop in Cape Town, South Africa, Bitcoin firm BitX has now set up shop in Nigeria; Africa most populous nation and biggest economy. In South Africa, BitX had previously partnered with PayFast, a payment provider in a move that enabled over 30,000 merchants in the country accept the crypto currency.

BitX CEO, Marcus Swanepoel, says Nigeria is a rapidly growing and a very entrepreneurial economy. It was the Nigerian businesses, developers and consumers who began making a request for BitX services to launch in their country. Swanepoel said the company has already started working with Nigerian businesses to roll out some exciting new products in the market.

The company also says that it is working on putting in place stringent security checks in their technology in Kenya, Nigeria, and Namibia. According to the CEO, the company has gone all out in terms of committing resources to ensure their platform adhere to the highest level of integrity and security. All these and more is expected to be taken into the Nigerian market.

Swanepoel said, “We have very stringent KYC (Know Your Customer), AML (Anti-Money Laundering) and fraud detection mechanisms in place and we’re using these proactive measures in all jurisdictions; those with or without clear guidance on the regulation of virtual currencies.”

The company says that it has set up a technology that will ensure high-volume stability and secure multi-signature ‘deep freeze’ storage. BitX’s exchange and wallet are kept at separate platform from the company’s other services to ensure maximum security.

As cited by TechAsia.com, Terence Lee, a Bitcoin expert and lawyer applauded the BitX wallet, for having a non-intimidating user interface.

The Bitcoin hype had died down since the euphoric highs right around the beginning of 2014, but that does not mean the work of making the digital currency mainstream has ceased. One major obstacle is that getting, securing, and using Bitcoin is intimidating to non-geeks. Most consumers don’t care how a financial system works; the bottom line is that they want an easy-to-use, safe and ubiquitous payment mode.

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Milicent Atieno

Proud Kenyan Citizen, loving everything Tech related.

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