Nigerian Crypto Platform Bitfxt Lands $15m from UK Investors

Nigerian crypto investment platform Bitfxt has announced that it has raised $15 million from a British hedge fund syndicate and a British company, Payitup Clearinghouse.

The startup, founded in 2016 by Franklin Peters, allows users to buy and sell digital currencies like bitcoin and Ethereum.

Franklin Peters – Chief Executive Officer – Bitfxt

Payitup Clearinghouse – the parent company of Zimbabwe’s startup, Payitup – last year raised $13 million from the Thawer Management Fund in the UK. The startup is currently helping consumers make payments for MultiChoice’s DStv service.

Bitfxt announced in a blog post on its website last Friday (February 14). In the same article, the startup also announced that it had reached an agreement with the British hedge fund syndicate to extend a $125 million revolving margin facility to its traders to leverage their position for a higher gain.

It said Payitup Clearinghouse Ltd (UK), will act as a clearinghouse across all the markets in Africa and Europe through its affiliates and networks for immediate settlements.

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Peters, who is also the startup’s CEO, said in the post that in the coming months the startup would be working on expanding its infrastructure and launching “some jaw-dropping products that will benefit Nigerians and Africans at large”.

“In the last couple of years since our inception, we have always been known to set a tempo which is seemingly impossible to match in terms of blockchain and general ICT services. We have the Bitfxt hybrid exchange, the first of its kind cryptocurrency-powered ATM cards that can be used anywhere in the world, a global multi-utility payment system known as BoundlessPay among others,” the startup said.

It said the funds would help in the development of marking efforts through its subsidiary BoundlessPay as well as the development of proprietary infrastructure to complement existing financial networks.

Users of BoundlessPay will have options of settling in US dollars or Naira through the startup’s portal and also earn in US dollars locally.

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