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Singapore Crypto Platform BitX Receives Additional Funding

Last Updated March 4, 2021 4:46 PM
Lester Coleman
Last Updated March 4, 2021 4:46 PM

BitX, a Singapore-based, global cryptocurrency platform, has raised an undisclosed sum of funding from Venturra Capital, a Jakarta-based venture fund. Venturra joins an investor group that includes Barry Silbert’s Digital Currency Group and The Naspers Group, a South Africa-based global platform operator and investor.

BitX raised $4 million USD in July in its series A round, according to techinasia.com . Naspers Group and the Digital Currency Group led the round.

BitX image

Bitcoin Wallet And Payment Solutions

BitX  provides mobile wallets, institutional quality exchanges and APIs for business integrations. The company claims it provides less expensive and faster transactions, online buying, trading and storing bitcoin. App users can send, receive and store bitcoin using their cell phones without incurring any fees.

BitX minimizes the friction of accessing and transferring bitcoin, according to Marcus Swanepoel, BitX co-founder and CEO.

BitX, founded in 2013, provides customer service in English, German, Malay, Indonesian, Dutch, Afrikaans and other languages, according to the company website.

BitX hopes to increase opportunities where people can use bitcoin, Swanepoel said. He said the challenge is to build trust in the technology.

Swanepoel said Naspers Group remains BitX’s largest institutional investor. As for Venturra Capital, he said he believes the new round of funding is the first substantial investment from a Southeast Asian venture capital investment in a bitcoin company.

Product Development To Grow

The new funding will enable BitX to hasten activities such as product development, recruitment and expanding into new markets. Swanepoel said the company has experienced strong growth in the last three months.

Ventura Capital debuted a few months back and has invested in Sociolla, an Indonesia-based e-commerce site, and Kaodim, a Malaysia services startup. Venturra Capital was founded by Stefan Jung, a former Rocket Internet and Monk’s Hill Ventures partner; Rudy Ramawy, Google Indonesia CEO; and John Riady, director of Lippo Group, an Indonesia-based, diversified conglomerate. Venturra Capital has $150 million.

Swanepoel characterized Venturra Capital as fund that doesn’t just talk about adding value, but actually does it in a relevant, consistent and tangible way. He said the fund’s expertise and networks in the Southeast Asian market make for an exciting partnership that will help solidify BitX’s leading position in the region.

Also read: BitX has been awarded $ million in Series A funding

Venturra Confident In BitX

BitX, according to Jung, has an exceptional team that has deep technical expertise and commercial acumen. “They have proven they can build innovative products and strong traction in a rapidly emerging industry,” Jung said in a prepared statement .

Other startups in Southeast Asia working with bitcoin include Bitcoin.co.id in Indonesia and Coins.ph in the Philippines. In addition, Coinbase expanded into Singapore in September.

Images from Shutterstock and BitX.