Bitcoin

Zimbabwean Bitcoin Startup BitFinance Raises Undisclosed Amount

JP Buntinx | December 24, 2016 | 9:30 pm
NewsBTC_BitFinance Funding
Bitcoin

Zimbabwean Bitcoin Startup BitFinance Raises Undisclosed Amount

JP Buntinx | December 24, 2016 | 9:30 pm

Investments in Bitcoin and cryptocurrency companies continue to peak as of late. BitFinance, a startup located in Zimbabwe, secured a new round of investment earlier this week. With the new funds, the company aims to boost cryptocurrency awareness and grow its customer base. It appears Bitcoin is getting more popular in Zimbabwe and other African countries.

The name BitFinance may not ring a bell for most Bitcoin enthusiasts, but the company is quite successful in Zimbabwe. Their service is entirely focusing on using Bitcoin for investment opportunities. More specifically, the company focuses on building the continent’s Bitcoin infrastructure.

Big News For BitFinance

Moreover, the company operates their very own Bitcoin exchange, called BitcoinFundi. The new funds raised by BitFinance will be used to enhance the user experience for his exchange platform.Additionally, the plan is to increase the reach of the overall BitFinance services and products to other African countries.

The company has been around since 2014 and started gaining traction a year later. BitFinance took part in the Savannah Fund’s 4th accelerator class in Kenya that year. Plus, the team secured their first round of funding by participating in his accelerator. It is evident the company has not been twiddling their thumbs since that time.

Regarding the popularity of the platform, BitFinance has noted constant growth every single month. Just last month, they welcomed 208 new customers, and US$31,000 was traded on BitcoinFundi. Overall month-to-month revenue increased by 7,652% compared to January 2016 as well. All of these signs point towards a healthy growth for the Zimbabwean company so far.

It remains to be seen if Bitcoin can become a competitive payment solution in Zimbabwe, though. Public figures are suggesting Bitcoins should become the national currency. Doing so is a lot trickier than most assumed, thought. It is doubtful Bitcoin will replace any national currencies any time soon. Then again, it is the global international payment solution some people have been looking for.

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