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.