Nigeria’s BitFxt Technology raises $15mln to expand activities
Tuesday, 25 February 2020 12:05
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.
Chamberline MOKO
Live News
-
Congo’s Cobalt Exports Still Blocked Despite New Government Guidelines
09:46
-
From Dakar to Douala: Dentons Bets on the Energy Corridors of the Future
09:37
-
Camtel-Ethio Telecom Deal Signals Ambition, But Questions Remain on Digital Delivery
08:32
-
Cameroon Finalizes MoU to Connect to Medusa Africa Submarine Cable System
08:29
-
Togo Pitches Reforms at Ongoing Diaspora Investment Forum
17:03
-
Nigeria: Bottomline Assist Helps Companies Access Tech Talent
15:47
-
Black Swan’s Derick Kazimoto Pushes Data-Driven Credit Models in Africa
15:06
-
Djibouti Moves Toward Launch of National Cybersecurity Authority
14:52
-
Mali Adopts 2026-2030 Cybersecurity Strategy to Counter Rising Attacks
14:48
-
Local Initiatives Organise Fish-Farming Bootcamp in Move to Slash Cameroon’s Fish Import Bill
13:37
Camtel to launch Blue Money in 2026, entering Cameroon’s crowded mobile money market led by MTN Mo...
Eritrea faces some of the Horn of Africa’s deepest infrastructure and climate-resilience gaps, lim...
Huaxin's $100M Balaka plant localizes clinker production, saving Malawi $50M yearly in f...
Nigeria seeks Boeing-Cranfield partnership to build national aircraft MRO centre Project aims t...
Omer-Decugis & Cie acquired 100% of Côte d’Ivoire–based Vergers du Bandama. Vergers du Band...
New export rules fail to resolve key concerns, keeping cobalt shipments stalled. Producers say quotas, royalty rules and procedures remain unclear...
Dentons confirms its targeting strategy on Africa’s future by anchoring itself in Dakar and Douala, two rising hubs along emerging energy and...
Cameroon’s state operator has finalized a three-year partnership with Ethio Telecom to boost digital payments, modernize networks and prepare the launch...
Cameroon finalizes MoU to join Medusa Africa submarine cable project Medusa to boost connectivity with Europe, Africa, Asia; operational by...
Cameroon’s REPACI film festival returns Dec. 11-13 with 135 short films Events include screenings, masterclasses, panels on social cinema and...
Cidade Velha, formerly known as Ribeira Grande, holds a distinctive place in the history of Cape Verde and, more broadly, in the history of the Atlantic...