Singapore-based BitX, a global cryptocurrency platform, providing highly secure mobile wallets, announced Tuesday that it had raised $4 million in a Series A funding round, lead by the South African internet and media company, Naspers Group.
Existing investor, Barry Silbert’s Digital Currency Group, also participated in the round, BitX noted in a statement.
The fund raising was completed through Naspers’ payments subsidiary PayU. Consequently, PayU’s chief product officer James Caviness will join BitX as part of its board of directors.
In addition to mobile wallets, BitX, also provides institutional quality exchanges, and various API’s for merchant and other business integration.
BitX’s global customers use the platform for money transfers, buying online, and trading and storing their Bitcoin.
The business has grown rapidly over the past 12 months and now has the largest emerging market footprint of any cryptocurrency company, with the platform available to over half a billion consumers spread across key markets in Southeast Asia (Indonesia, Malaysia, Philippines, Singapore) and Africa (Nigeria, South Africa and Kenya).
BitX co-founder and CEO, Marcus Swanepoel said the cryptocurrency platform has seen very strong growth across the markets it operates in.
“This investment will allow us, to both accelerate this growth and extend our footprint to more markets,” he said, adding that the company believes in a bright future for cryptocurrency across a number of industry verticals.
“With BitX’s strong management team and solid track record, (we) look forward to leveraging Naspers’ global platform and local knowledge to help them capitalise on these opportunities,” Swanepoel said.
Founded in 1915, Naspers is a South African broad-based multinational internet and media group, offering services in more than 130 countries. The group is listed on the Johannesburg Stock Exchange.
Its principal operations are in e-commerce (i.e. classifieds, online retail, marketplaces, online comparison shopping, payments and online services), video-entertainment and print media. It also holds minority investments in listed internet companies like China’s Tencent Inc and Russia’s Mail.ru.