Share

SA-linked Bitcoin firm targets Nigeria

Johannesburg - Cryptocurrency company BitX has launched its Bitcoin technology in Nigeria as it targets Africa’s biggest economy.

BitX is headquartered in Singapore but it has a development team in Cape Town and also operates one of only two South African Bitcoin exchanges.

Fin24 reported in November last year on how BitX launched a digital Bitcoin wallet app for Android and Apple iOS devices in the South African market. The technology makes it easier for people to buy and sell Bitcoins.

Now BitX is targeting Nigeria - a country that has over 150 million people and an economy that ranks number one in Africa.

“Nigeria is a fast-growing and highly entrepreneurial economy, and we’ve been inundated with requests for Bitcoin products and services from consumers, developers and Nigerian businesses,” BitX chief executive officer, Marcus Swanepoel, said in a statement.

“The business aspect is particularly interesting and we’re currently working with a number of these businesses to bring some exciting new products to the market,” said Swanepoel.

BitX further hopes that its technology will boost Bitcoin adoption in Nigeria.

Furthermore, the company says it’s putting in place stringent security measures for its technology in Nigeria and other countries it operates in.

“We spend a significant amount of internal resources on best-in-class compliance and security, and needless to say, the same will apply for the Nigerian market,” said Swanepoel.

“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,” Swanepoel added.

Apart from Nigeria, BitX also operates in Kenya and Southeast Asia.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.03
-0.7%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.54
-0.3%
Rand - Aus dollar
12.36
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.50
+0.4%
Palladium
1,002.25
+0.1%
Gold
2,209.77
+0.7%
Silver
24.53
-0.5%
Brent Crude
86.09
-0.2%
Top 40
68,080
+0.6%
All Share
74,278
+0.5%
Resource 10
56,967
+2.4%
Industrial 25
103,572
+0.3%
Financial 15
16,456
-0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders