Bitcoin mining giant BitFury has today announced a ‘strategic investment’ through its investment arm BitFury Capital in BitPesa, a Pan-African and universal payment and bitcoin trading platform.
The BitFury Group, the best-funded miner in the Bitcoin industry through investments has today announced an investment of its own in African bitcoin payment and trading platform BitPesa.
As a payments processor, BitPesa enables users in Africa to buy and sell local African currencies through Bitcoin. The settlement directly occurs to and from African bank and mobile money accounts. The use of Bitcoin as the medium for currency exchange facilitates cheap, efficient and quick payments from and between East, Central and West Africa while forgoing traditional bank wire and broker costs. The countries that are serviced by BitPesa include Kenya, Nigeria, Tanzania and Uganda.
In statements, BitFury CEO Valery Vavilov spoke about the benefits that a decentralized, global currency like bitcoin brings to the unbanked masses.
Our mission is to make global transacting easier, especially for those who continue to face obstacles to financial growth.
A secure, transparent and trusted form of exchange is being made possible by BitPesa, and our investment will allow us to work together to leverage the innovative power of the Bitcoin Blockchain for the benefit of the entire pan-African continent.
As a company licensed by the FCA (Financial Conduct Authority) to be an authorized payment institution, BitPesa uses bitcoin to exchange African currency with other global currencies, circumventing the expensive dependence on using the US dollar as a means of exchange
Notably, the company sells bitcoin in Kenya, Nigeria and Uganda.
Speaking about the investment in the company, BitPesa CEO Elizabeth Rossiello stated:
[BitFury has] a long history working in frontier markets and nothing is more important to our team than an understanding and support of the work we do.
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