BitX Brings Bitcoin To Nigeria


BEVERLY HILLS, July 07, (THEWILL) – BitX, a leading international Bitcoin company, has strengthened its position as the leading Bitcoin player in Africa by launching in Nigeria, Africa's largest consumer market.

In a statement issued on Tuesday, BitX CEO, Marcus Swanepoel, said :“We are very excited to launch a broad suite of Bitcoin products and services to the Nigerian market, all with the view of making it easier for Nigerian consumers and businesses to buy, sell, store and transact in Bitcoin.”

The statement said :”For the first time, Nigerians will now be able to buy or sell bitcoin instantly using Nigerian naira using the mobile BitX Wallet on iOS and Android , trade Bitcoin on the BitX Exchange , and use the BitX API to develop their own Bitcoin products and services on top of the BitX platform. “Nigerians will also be able to use the BitX platform to make it easier to buy things online, both locally and internationally, and receive and automatically convert bitcoin sent from abroad into their local bank accounts.”

In Africa, BitX has the highest overall Bitcoin trading volumes with all of its products and services already well-established in Kenya and South Africa. With the launch of their Nigerian operations, BitX broadens its geographic reach to give access to Bitcoin to more Africans than any other Bitcoin company.

According to Swanepoel , “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. 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.”

He added: “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. 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.”

While the rest of the world has seen a strong growth in Bitcoin adoption, Nigeria has been somewhat lagging due to a lack of Bitcoin nfrastructure in the region. It is expected that the launch of the BitX platform in Nigeria will give Nigerians access to the same quality products and services as is available to other Bitcoin users around the world, and given some of the strong growth seen in Bitcoin adoption across other emerging markets, Nigeria is expected to catch up very quickly.

BitX is headquartered in Singapore with offices in Cape Town and Jakarta, and provides a secure bitcoin wallet, exchanges, merchant integration and API's to businesses and consumers across the world, with a dominant presence in Southeast Asia and Africa.