Venturra Capital Channels Funding for BitX Cryptocurrency Platform

Venturra Capital announces further funding allocation for cryptocurrency platform BitX based in Singapore. The amount given was not disclosed and Venturra will join the ranks of BitX investors, such as Naspers (who is also an OLX investor) and Barry Silbert's Digital Currency Group.

BitX is a cryptocurrency platform that provides a digital wallet and payment system integration that utilizes bitcoin. BitX itself has opened its operations in Indonesia last February and has cooperate with the online payment platform Codapay to accept transactions using bitcoin.

This funding seems to be used by BitX to improve product quality and marketing, especially in Indonesia, which does not explicitly prohibit the use of bitcoin. Although Bank Indonesia has stated that it does not support bitcoin as a means of payment, there is no threat of any punishment for anyone who uses it to transact.

Apart from Indonesia, BitX's market focus is Malaysia, South Africa, and Nigeria.

Venturra Capital Co-Founder and Managing Partner Stefan Jung said in a statement, "BitX has an outstanding team that combines strong technical and commercial capabilities. They have proven they can build innovative products and strong traction in a growing industry."

While BitX Co-Founder and CEO Marcus Swanepoel commented, "We are very pleased to have Venturra on the board of directors for the next phase of BitX development. Venturra is one of those rare VCs who don't just talk about value, but actually do it consistently, relevantly. , and scalable. Combined with its capabilities and network in the Southeast Asian market, making this exciting partnership helps us achieve a solid position in the region."

In Indonesia, BitX competes with a number of local platforms, such as Bitcoin Indonesia and Artabit.