Bitcoin company, BitX has announced that it will be launching its services in Nigeria, a move that will enable local users to access the company’s bitcoin wallet, exchange and API services.
BitX is headquartered in Singapore but it has a development team in Cape Town and also operates one of only two South African Bitcoin exchanges.
Starting today, Nigerians will be able to buy and sell bitcoin instantly using the BitX Android app or iOS app apps, trade naira/bitcoin on the BitX Exchange and use the powerful BitX API to develop their own Bitcoin products and services.
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. – BitX CEO, Marcus Swanepoel
The bitcoin market officially opened to Nigerians to begin trading on the 12th January 2015. One factor that may hold back the utility of bitcoin, though, is the relative lack of smartphone penetration, which mobile operator interest group the GSM Association estimates at just 10-15% of mobile subscribers.
BitX will be joining ICE3x as the latest exchange to try and galvanize bitcoin user interest in the Nigerian market. ICE3x launched its services in January in partnership with Nigerian online payment processor, VoguePay to allow clients to trade bitcoin in their native Naira using their existing VoguePay accounts to fund their transactions.
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.