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Zimbabwean Bitcoin Exchange Secures Angel Investor Funding to Support Growth

Last Updated March 4, 2021 4:53 PM
Lester Coleman
Last Updated March 4, 2021 4:53 PM

Zimbabwean bitcoin startup BitFinance has announced a new investment from angel investor Taurai Chinyamakobvu, according to Techzim , a technology news site in Zimbabwe.

BitFinance will use the funds to expand its service and improve the user experience on BitcoinFundi, the bitcoin exchange used by third-party subscribers to hold and trade bitcoin with other subscribers. BitFinance touts BitcoinFundi as Africa’s leading bitcoin exchange.

Startup Joined Savannah Fund Accelerator

Tawanda Kembo and Verengai Mabika launched the startup in 2014. It gained visibility across Africa in 2015 when Savannah Fund’s fourth accelerator class in Kenya accepted it. BitFinance secured its first round of funding in the accelerator class.

Kembo did not wish to disclose the amount of funding.

He said the team wanted to enhance the user experience, especially focusing on the amount of time it takes a customer to transfer funds in and out of BitcoinFundi.

Another goal is to expand the customer base in Zimbabwe. BitFinance now accepts the South African Rand as well the BTC/ZAR currency pair for traders. The team plans to invest in marketing to grow BTC/ZAR trades.

Steady Growth

BitFinance has grown every month, Kembo said. In January 2016, there were 62 new customers. In November 2016, there were 208 new customers. In January 2016, $759 was traded on BitcoinFundi. In November, the number was $31,000.

Last month’s revenue was 7,652% above the level at the beginning of the year.

BitFinance will focus on more B2B partnerships in 2017, an area where it sees its greatest growth potential. Its partnership earlier this year with BeForward demonstrated that businesses, especially those that transfer funds across borders, have the greatest need for bitcoin.

Bitcoin is already an international payment solution, Kembo said.

Also read: Bitcoin thrives as China, India and Zimbabwe plunge into monetary chaos

Bitcoin Outlook Promising

“Governments all over the world are making it harder to use fiat currencies for international payments through capital controls and they are making fiat currencies less attractive for domestic payments too with the bank limits/restrictions and with the cash wars such as those that are happening in India right (now),” Kembo said.

People look to bitcoin as a solution. This can be measure by the speed by which the price has been rising. The value has increased by $2 billion in the last two days alone, Kembo said.

Image from Shutterstock.