Nigerian crypto-trading startup Bitfxt has raised a US$15 million Series A funding round for infrastructural expansion and the development of new products.
The Lagos-based Bitfxt allows users to buy and sell digital currencies in real time, but now plans to expand more widely into the blockchain space after raising funding.
The US$15 million Series A round comes from a UK-based syndicate of hedge funds as well as British firm Payitup Clearinghouse, which will now act as a clearing house for Bitfxt across Africa and Europe through its affiliates and networks for immediate settlements.
Bitfxt has also concluded an agreement with the syndicate to extend a US$125 million Revolving Margin Facility for all its traders to leverage their position for a higher gain.
“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,” said Bitfxt chief executive officer (CEO) Franklin Peters.
Aside from its exchange, Bitfxt has also launched cryptocurrency-powered ATM cards that can be used anywhere in the world and a global multi-utility payment system known as BoundlessPay. The funding will also help in the development of marketing efforts for the latter.