Singapore-based Bitcoin services firm BitX raises US$800K seed fund

Monies will be used to expand services in emerging markets. Investors include Ariadne Capital, BOC, Palo Alto-based investor Carol Realini

Image Courtesy: xtock / Shutterstock

Image Courtesy: xtock / Shutterstock

Singapore-based Bitcoin services firm BitX has completed a US$800K (S$1M) seed funding round.

The investors include London-based Ariadne CapitalBarry Silbert’s New York-based Bitcoin Opportunity Corp. (BOC); and Palo Alto-based financial innovation investor Carol Realini.

With the recent funding, BitX plans to further expand its services in emerging markets.

BitX is a global cryptocurrency platform that provides Bitcoin products and services including wallets, exchanges, merchant integration and APIs to consumers, businesses and developers across emerging markets.

“BitX aims to bring Bitcoin to all corners of the earth, in particular emerging markets where the need for and impact of cryptocurrencies will be the biggest. We are very excited to bring on board a team of seasoned international investors that can add direct value to our business through their strong networks in both developed and developing markets, as well as their entrepreneurial and industry experience, especially in the mobile and payments space,” said Marcus Swanepoel, Co-founder and CEO, BitX.

Also Read: Bitcoin exchange Bitflyer raises US$1.6M; aims to fill Mt Gox void

Julie Meyer, CEO, Ariadne Capital commented, “This investment reinforces Ariadne’s strategy of backing talented entrepreneurs and management teams building global companies that can disrupt at a large scale. We and our investors are looking forward to be a part of the next phase of BitX’s exciting journey.”

The company operates Bitcoin wallet services in a number of markets across Africa, South East Asia, Eastern Europe and Latin America, with active exchanges in South Africa, Namibia and Kenya.

Twishy

A writer at heart, Twishy thinks that no idea is small and nothing is a mistake. Some of the great works come from beautiful mistakes that are perfectly imperfect. She believes in unearthing new talent and feels that genius can be written on a bar napkin too. Incisive reporting coupled with exceptional ideas has been the love of her life. When not writing, one can find her exploring the best places to hang out with loved ones.

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