Bitcoin Startup BitX Extends Series A With Undisclosed Funding

Bitcoin exchange and wallet provider BitX has extended its Series A round to include undisclosed funding from Southeast Asia-focused VC firm Venturra Capital.

According to BitX, the funding will be invested in recruitment and product development, as well as expanding the service beyond its current target consumers in markets including Indonesia, Malaysia, Nigeria and South Africa.

BitX declined to release the size of the funding, but stated that the capital was secondary to bringing Venturra Capital on as an investor.

"With our lean structure and very low cost base, the funds we have raised equate to a lot more when compared to similar rounds raised by companies in the US and Singapore," CEO Marcus Swanepoel explained.

Swanepoel told CoinDesk BitX is seeing its biggest growth in Southeast Asia, and that the round was continued to add an "influential and well-respected local regional partner". Regardless, he stressed that BitX remains global in its focus as it seeks to expand.

"We see a lot more potential for bitcoin in emerging markets than developed markets," he said. "Markets like Southeast Asia are important markets for us but not exclusive."

BitX had previously raised $4m in July 2015 in a round led by Naspers Group and including Digital Currency Group (DCG). That funding followed a $824,000 deal in August 2014 that included Ariadne Capital, DCG and angel investor Carol Realini.

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