BitX, the well-known bitcoin based startup based out of Singapore has announced that the company has successfully raised another round of funding. The company, without disclosing the amount as mentioned of Venturra Capital to be the investor in the latest funding round.
According to reports in the media, Venturra Capital has made an investment of considerable size in BitX. Tech in Asia, an Asia focused startup resource site mentions the investment to be the first substantial one on bitcoin based company by a South-East Asian investment firm. The publication also refers to previous investments raised by the company including the $4 million Series A round in July 2015. The previous round was led by Naspers, a South African Media Company along with Barry Silbert’s Digital Currency Group.
Started in 2013, BitX is an open global financial system based on blockchain technology. The company aims to provide a truly global financial infrastructure for everyone including the unbanked and the underbanked population in developing countries. By using BitX smart wallet, users can readily transfer funds from their cell phone to any other cell phone, email id or bitcoin wallet. It can be used for online shopping as well.
BitX is not the only significant investment made by recently founded Venturra Capital. The VC firm that was started few months ago has already added Sociolla, an Indonesia based beauty ecommerce site and Kaodim from Malaysia to its portfolio. BitX application is currently available for Android and iPhone users.
According to the founder and CEO of BitX, Marcus Swanepoel the company will be utilizing the recently raised funds to expand its workforce, business and product offerings. BitX has been having a promising quarter so far, exhibiting a strong growth in the segment.
With the blockchain technology catching up among mainstream fintech sector, we can expect more investments to drive growth among startups in the segment.