• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Exchange Binance To Launch Prepaid Card In This South American Country
Advertisement

BitX Launches Operations in Nigeria as Part of Global Plan

Deepak Tiwari by Deepak Tiwari
8 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Businesses, Bitcoin Investment, Bitcoin Security, Bitcoin Service, Bitcoin Technology, Bitcoin Wallet, Companies, Emerging Markets, Markets and Prices, News, News teaser, Trending
0
Advertisement

BitX has been building a global cryptocurrency platform that provides Bitcoin products and services — like wallets, exchanges, merchant integration, and APIs — to consumers, businesses, and developers, particularly in emerging markets. The company’s latest decision to launch operations in Nigeria marks another venture into an emerging market.

Also read: BitX Takes its Bitcoin Services to Indonesia

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

BitX Global PresenceHeadquartered in Singapore, BitX’s decision to launch its services in Nigeria is aimed at exploiting Bitcoin’s potential in Africa’s biggest economy. BitX has been focusing on the African continent since its inception; for that purpose, the company even set up a development team in Cape Town, and also operates one of only two South African Bitcoin exchanges. Previously, BitX partnered with South African payment provider PayFast to provide the largest emerging market Bitcoin merchant roll-out to date, enabling over 30,000 merchants to accept Bitcoin.

Though the company has faced a variety of regulations and infrastructure issues in these markets, BitX has thus far been successful. Earlier, in November of 2014, BitX launched a digital Bitcoin wallet app for Android and iOS devices in the South African market to help people buy and sell Bitcoin without any hassle. The latest decision to enter Nigerian market is an attempt to help over 150 million people take advantage of Bitcoin’s benefits.

BitX CEO: Nigeria has Immense Scope for Bitcoin Technology

Marcus Swanepoel, BitX CEO, believes that Nigeria is a fast-growing and highly entrepreneurial economy. His company was inundated with requests for Bitcoin products and services from consumers, developers, and Nigerian businesses. According to Swanepoel, the business aspect is particularly interesting and his company is currently working with a number of these businesses to bring some exciting new products to the market. He hopes BitX’s services will boost Bitcoin adoption in Nigeria.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Apart from providing easy access to Bitcoin, BitX says it’s implementing stringent security measures for its technology in Nigeria, Kenya, and Southeast Asia. Swanepoel says that his company is spending 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.”

BitX claims that the clean design of its technologies sits atop an infrastructure built for high-volume stability and secure multi-signature “deep freeze” storage. Additionally, the exchange and wallet functions are kept separate from other BitX services for higher security. Customers can use the basic wallet verifying their email address to send and receive Bitcoin; however, to have access to a full exchange account where they can also buy and sell Bitcoin, users need to comply with additional verification steps.

BitX also claims that it has a strict security policy, where no individual at the company has access to customer funds, and there are regular proof-of-reserve audits. Additionally, the company has two-factor authentication for account holders and also provides a hot wallet with the company’s own reserves. BitX also gives developers access to the public and private APIs to interface with all relevant exchange features.

Presence in Emerging Markets

As a part of its mission to expand globally, BitX is initially establishing operations in 12 countries that include Brazil, India, Indonesia, Kenya, Malaysia, Mexico, Namibia, Nigeria, Philippines, Poland, South Africa, and Turkey.

Swanepoel says that Bitcoin has huge prospects in emerging and developing markets, as there is global liquidity versus local liquidity, and he believes, in the long run, the latter is going to play the most important role in this ecosystem. According to Swanepoel, people need to try Bitcoin services in their local currency and language, they want to deal with customer service in their region.

Do you think BitX’s expansion into Nigeria is a good move for Bitcoin? Let us know in the comments below!


Image: BitX

Disclaimer: The author of the story is neither associated with BitX nor he has any vested interest with the firm.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Deepak Tiwari

Deepak Tiwari

Deepak Tiwari, though a lawyer, working as a journalist for six+ years now. An avid Bitcoin supporter, he currently writes on Bitcoin and other crypto-currencies for Bitcoinist.net, a portal that offers exclusive news and reviews for readers, traders and brokers. His other specialties/interests include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc. Follow Deepak Tiwari in Twitter

Related Posts

Bitcoin Crypto

Can The Federal Reserve Counterattack Stop The Crypto Bull Run?

2 hours ago
Bitcoin

Bitcoin Bearish Signal: Aged Supply Flows Into Binance

8 hours ago
Bitcoin this week

Bitcoin And Crypto This Week: Here’s What Will Be Important

11 hours ago
Bitcoin price

Bitcoin Price Nears $24,000 Mark – Can Bulls Push BTC To $25K This February?

15 hours ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

1 day ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Unbanked and Mastercard Team Up to Accelerate Crypto Card...

    3 hours ago
  • Binance Coin (BNB) Trading Volume Pumps By $7 Million While...

    12 hours ago
  • Polkadot (DOT) sees 5% Growth, why Cardano (ADA) and...

    13 hours ago
  • More than a trillion dollars moved in Litecoin (LTC)...

    13 hours ago
  • Moralis has revealed the integration of Web3 API with Aptos...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.