Bitfxt, a Nigerian cryptocurrency startup, said it has raised N5.45 billion from Payitup clearinghouse Ltd with an extra 45 billion naira for margin trading facility.
The blockchain startup Bitfxt announced this on it twitter handle.
Payitup Clearinghouse is the parent company of Zimbabwean startup Payitup. The Zimbabwean startup raised $13-million from the UK’s Thawer Management Fund.
The said amount was raised in a Series A funding round from Payitup and it’s expected to help the company develop and grow it’s service competing with rivals like Quidat and Paychant.
See Also: Nigerian Fintech Startup, Carbon, Announces a $100,000 pan-African Funding for Startups in Africa.
Bitfxt, a coin trading house intends to use the funds to grow it’s minimal viable products and expand into more markets. While commenting on the future plans of Bitfxt, the Chief Executive Officer of the blockchain startup, Franklin Peters said,
“Over the next couple of months, we will be working on infrastructural expansion and launching of some jaw-dropping products that will benefit Nigerians and Africans at large.”
The capital funds also includes an extension of a 45 Billion Naira for Revolving Margin Facility for its traders to maximize their position for higher gains. The company offers cryptocurrency solutions for users of Ethereum, Bitcoin and few other crypto.
Bitfxt also said that the funds will be used in the development of its cross-border payment card dubbed BoundlessPay, a subsidiary product from the company.
Moreso, it will be used in the development of proprietary infrastructure to support already existing services.
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