Finance

Nigeria’s BitFxt Technology raises $15mln to expand activities

Tuesday, 25 February 2020 12:05
Nigeria’s BitFxt Technology raises $15mln to expand activities

(Ecofin Agency) - Nigeria-based digital currency company BitFxt Technology has raised $15 million from the British Payitup Clearinghouse Ltd to expand its activity. The agreement allows BitFxt to get a $125 million Revolving Margin Facility for all its traders to leverage their position for higher gains.

Payitup Clearinghouse Ltd will act as a clearinghouse, a financial institution responsible for monitoring and managing BitFxt Technology's operations and transactions in its main markets in Africa and Europe.

The resource raised will enable the Nigerian start-up to work on expanding its infrastructure and launching new products that will benefit Nigerians and Africans as a whole, according to BitFxt’s CEO Franklin Peters.

Nigeria is one of the few African countries where the use and exchange of cryptocurrency is allowed. According to a report published in 2018 by the American bank Citibank, Nigeria was among the countries with the most Bitcoin holdings as a percentage of GDP in the world. In this West African country, the value of Bitcoin held by investors represented 3.4% of GDP in 2017.

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