Bitfxt, a Nigerian cryptocurrency startup, has raised $15M Series A funding from a UK syndicate of Hedge Funds and UK company, Payitup Clearinghouse Ltd (UK).
In a press release to African media platforms, Franklin Peters – CEO, Bitfxt expressed excitement and the possible benefit his startup could bring to the African ecosystem.
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.Franklin Peters, CEO BITFXT
Further, Bitfxt has agreed with the company to extend a $125M Revolving Margin Facility for all its traders. This arrangement will enable traders on the Bitfxt exchange to leverage their position for a higher gain.
Bitfxt currently runs a hybrid exchange, cryptocurrency-powered ATM cards, and a global payment platform called Boundless Pay.
With the latest funding, Bitfxt intends to expand into new markets and improve existing products. According to the latest PR, users of Boundless Pay will have options of settling in the US dollar or Nigerian Naira through our portal and also earn in the US dollar locally moving forward.
Also, Payitup Clearinghouse Ltd (UK), will act as a clearinghouse across all the markets in Africa and Europe through its affiliates and networks for immediate settlements.