BitFury announces investment in Bitcoin trading platform BitPesa

Mar 15, 2016

It is looking to help grow the platform in Africa.

Bitcoin transaction processing company BitFury has announced it made an investment in the universal African Bitcoin exchange BitPesa. However, it has not yet revealed the amount of the transaction.

BitFury's chief executive Valery Vavilov told Bitcoin Magazine there has been a serious lack of investment in financial infrastructure across Sub-Saharan Africa.

He added that through this partnership, the two companies will be able to deliver a secure and transparent way of exchanging money to those who use Bitcoin. The investment will also help grow the Bitcoin trading platform that BitPesa is offering.

Founded in 2013, BitPesa is a service that allows businesses and individuals worldwide to buy and sell local African currencies through Bitcoin to Kenya, Nigeria, Uganda and Tanzania with the monetary settlement taking place directly with African banks and mobile money accounts.

It also provides bank deposits and withdrawals, which allows users to make payments using Bitcoin to exchange African and international currencies, avoiding potentially high conversion rates.

BitPesa said it is working to make Bitcoin payments accessible to the larger public, especially those who are underserved by banks.ADNFCR-2976-ID-801814590-ADNFCR