Bitcoin blockchain mining infrastructure provider BitFury has announced it has made a strategic investment in the universal African Bitcoin exchange BitPesa .
Founded in 2013, BitPesa sees itself as an easy way for 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.
BitPesa is also one of the few Bitcoin organizations in Africa that provide bank deposits and withdrawals, which allows senders and receivers to take advantage of cheap, efficient and quick payments using Bitcoin to exchange African and international currencies. This removes the dependence on other currencies such as the U.S. dollar that have high international conversion rates.
BitFury CEO Valery Vavilov told Bitcoin Magazine there has been a serious lack of investment in financial infrastructure across Sub-Saharan Africa.
“This has resulted in the highest FX margins globally,” he said. “Incoming transfers to Sub-Saharan Africa average 12 percent with bank transfers often taking a week or more to settle.”
However, by offering a fast, easy and efficient way to buy and sell African currencies, more companies can do business with and across the African continent.
Why Invest in BitPesa?
BitPesa is an Authorized Payment Institution that is licensed by the Financial Conduct Authority (FCA). It has gained a solid reputation within the Bitcoin community as well as with international businesses by maintaining close relationships with those it works with.Understanding the solid presence of BitPesa around Africa, BitFury decided that by establishing a strategic relationship with BitPesa, which was made under the BitFury Capital investment arm, the two companies would 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 and universal payment […]
