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
-
Dr. Beaugrain Doumongue: “In Africa, Competitive Intelligence Often Stops at Information Gathering”
12:15
-
Mauritania Moves to Digitize National Exams to Improve Transparency
04:19
-
World Bank Considers Financing Uganda’s Long-Delayed Standard Gauge Railway
04:16
-
Mali's New Fuel Stockpile: 45 Days of Buffer Against a Longer Crisis
04:12
-
IMF appoints Mauritania’s Zeidane to head Africa Department
18:56
-
BCEAO sets June 30 deadline for operators to join instant payment platform
18:52
-
Cameroon higher education group plans microfinance bank for student startups
18:34
-
Internet Freedom in Africa Remains Uneven in 2026 Despite Rising Access
18:30
-
Cameroon Delivers Tractors to Agropoles to Scale Production and Agro-Processing
18:28
-
Togo receives CFA1.6B Chinese rice donation to support food security
15:01
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
ECOWAS and IMF sign cooperation framework to strengthen policy alignment West Africa’s grow...
West African Development Bank plans CFA6,500 billion ($11.5 billion) in financing for 2026–2030. ...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
West African Development Bank allocates $131.8 million to support cotton sectors in Burkina F...
Failing to anticipate market shifts can be costly for African businesses operating in increasingly competitive and volatile environments. Yet many still...
Project targets reduced errors, better traceability and fairness Initiative part of broader government digital transformation efforts Mauritania is...
Uganda seeks World Bank support for $3 billion railway project Funding aims to revive delayed Kampala–Malaba standard gauge line Project...
Since September 2025, Mali has been facing an unprecedented fuel supply crisis, triggered by a blockade of fuel tanker convoys imposed by the jihadist...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...