Johannesburg - Cryptocurrency company BitX has
launched its Bitcoin technology in Nigeria as it
targets Africa’s biggest economy.
BitX is headquartered in Singapore but it has a
development team in Cape Town and also operates
one of only two South African Bitcoin exchanges.
Fin24 reported in November last year on how BitX
launched a digital Bitcoin wallet app for Android
and Apple iOS devices in the South African market.
The technology makes it easier for people to buy
and sell Bitcoins.
Now BitX is targeting Nigeria - a country that has
over 150 million people and an economy that ranks
number one in Africa.
“Nigeria is a fast-growing and highly
entrepreneurial economy, and we’ve been
inundated with requests for Bitcoin products and
services from consumers, developers and Nigerian
businesses,” BitX chief executive officer, Marcus
Swanepoel, said in a statement.
“The business aspect is particularly interesting and
we’re currently working with a number of these
businesses to bring some exciting new products to
the market,” said Swanepoel.
BitX further hopes that its technology will boost
Bitcoin adoption in Nigeria.
Furthermore, the company says it’s putting in place
stringent security measures for its technology in
Nigeria and other countries it operates in.
“We spend a significant amount of internal
resources on best-in-class compliance and security,
and needless to say, the same will apply for the
Nigerian market,” said Swanepoel.
“We have very stringent KYC (know your customer),
AML (anti money laundering) and fraud detection
mechanisms in place and we’re using these
proactive measures in all jurisdictions; those with
or without clear guidance on the regulation of
virtual currencies,” Swanepoel added.
Apart from Nigeria, BitX also operates in Kenya and
Southeast Asia.

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