BitFxt Technology, a Nigerian Crypto Exchange and Startup, Allegedly Raises $15 Million

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UPDATE: The BitFxt CEO, Frakline Peters, in June 2020 updated BitcoinKE and said the company has pulled out of the funding and partnership deal. BitFxt is still open to future funding, partnerships, and collaborations.

Nigerian crypto exchange and startup, BitFxt Technology, has allegedly secured $15 million in Series A funding with a further agreement to extend $125 million Revolving Margin Facility for all its traders to leverage their position for higher gains.

If the press release making rounds is to be believed, then BitFxt becomes one of the few blockchain outfits out of Africa that have successfully raised such huge amounts of investment from foreign investors.

SEE ALSONigerian Fintech, Aella Credit, Plans to Build CreditCoin, a Blockchain-based Lending Marketplace, after Raising $10 million

Speaking to BitcoinKE, CEO, BitFxt Technology, Franklin Peters, said:

“We are super excited about this development and we sincerely appreciate our existing customers for believing in us as we widen our doors to even more customers while still maintaining very high standards.

We pledge to do even more than we have ever done. 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.”

BitFxt hybrid exchange is the first of its kind in Africa powered by ATM cards that can be used anywhere in the world. The new funding will be used to develop proprietary infrastructure to compliment existing financial networks where users will have options to settle in either U.S. dollars or Naira through a portal and also earn in U.S. dollars locally.

 

NB: We are following up the story to ascertain its authenticity and will update as we get more information

UPDATE: The BitFxt CEO, Frankline Peters, in June 2020 updated BitcoinKE and said the company has pulled out of the funding and partnership deal. BitFxt is still open to future funding, partnerships, and collaborations.

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