Nigerian cryptocurrency startup, Bitfxt raises a whooping N5.45 billion seed fund


Africa’s fast-growing, Blockchain Technology Company, Bitfxt, has raised a whooping ₦5.45 billion in its recent series A funding round with UK company and syndicate of Hedge Funds – Payitup clearinghouse Ltd.

Since 2016 to date, Founder and CEO of Bitfxt Technologies, Franklin peters, has driven the company towards the development of a range of cryptocurrency solutions, for users of decentralized digital currencies, like bitcoin, and Ethereum, through his innovative mindset.

Franklin believes that decentralized digital currencies, like Bitcoin and Ethereum, will fundamentally change how the world views and uses money.  Creating cheaper, faster and safer transactions, with more privacy and freedom. Hopefully, this funding would aid the achievement of his goals.

The funding round allegedly comes with additional agreement to extend a $125 million Revolving Margin Facility for its traders to take maximum advantage of their position for higher gains.

Speaking at an interview, Franklin Peters, said, “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.”

Some of the infrastructural products that will be launched subsequently, as a result of the fund, will complement the existing financial network for cryptocurrency users.

This new line of products would allow users to make transactions in US dollars as well as settle payments in either US dollars or Naira.

As technology becomes more widespread, we hope to see more of such innovations unfold, both in the Nigerian and African landscape in the coming months.

Leave a Reply

Notify of