Blockchain startup Bitfxt has secured $15M in funding from a UK syndicate of Hedge Funds and UK company, Payitup Clearinghouse Ltd (UK). Bitfxt has also concluded an Agreement with the syndicate to extend a $125M Revolving Margin Facility for all its traders to leverage their position for a higher gain.

“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”. Franklin Odoemenam Peters, CEO BITFXT

Here Is The Deal 

• Led by UK syndicate of Hedge Funds and UK company, Payitup Clearinghouse Ltd (UK), Bitfxt Technology hopes to grow the Blockchain and Cryptocurrency space across Africa.
• The funds will also help in the development of marking efforts through its subsidiary BoundlessPay as well as development of proprietary infrastructure to compliment existing financial networks.
• Through the investment, Payitup Clearinghouse Ltd (UK), will now act as a clearinghouse across all the markets in Africa and Europe for Bitfxt through its affiliates and networks for immediate settlements.

Why The Investors Invested

Payitup Clearinghouse Ltd is an active company incorporated on 18 September 2019 with the registered office located in London, Greater London. Payitup Clearinghouse Ltd has been running for 4 months. The company has a knack for investing in fintech companies. Its investment in Bitfxt is further testimony in that direction. Payitup Clearinghouse Ltd UK recently established relationships with Foreign Institutional Investment Funds to provide adequate Centis to the crypto market which is currently valued at US$500 million.

‘‘This funding round led by foreign institutional fund is a testament to our growth potential cultivated by our team that Bitfxt Technology brings to the Blockchain and Cryptocurrency space across Africa,’’ Bitfxt said in a statement. 

What The Blockchain Startup Does

Founded in Nov. 2016 by Franklin Odoemenam Peters, a Nigeria who just got graduated from college 2 years ago (2017), Bitfxt is the easiest place to buy and sell digital currencies like bitcoin and ethereum. Bitfxt helps customers looking for where to exchange cryptocurrency in Nigeria to do so. Not only does it provide clients with an ever-increasing range of online crypto banking solutions, but also with the most transparent exchange for Initial Exchange Offering (or IPO in corporate parlance).

‘‘We have pioneered various proprietary technology outfits in Africa through decentralization and also leading the way to be the first in many aspects bring technology home,’’ Franklin Peters said in an interview. ‘‘Bitfxt has created various networks within blockchain space across Africa with the launch of various partnerships with local community and outside of Africa incorporating technology as a social and economic development initiative led by current administration and to complement their efforts to diversify economic and financial inclusion via local content development initiative.’’

Bitfxt prides itself of several feats including Bitfxt hybrid exchange, the first of its kind cryptocurrency powered ATM cards that can be used anywhere in the world, a global multi utility payment system known as BoundlessPay among others. 

Bitfxt says users of BoundlessPay will have options of settling in US$ or Naira through our portal and also earn in US$ locally.

Blockchain Technology Company is based out of Lagos, Nigeria. 

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com