Singapore digital currency platform BitX receives new round of funding

     Singapore-based global cryptocurrency platform BitX has received funding from Venturra Capital , a Jakarta-based venture capital fund, joining a group of investors including Barry Silbert Digital Currency Group and South Africa-based global platform operator and investor Naspers Group.

     According to techinasia.com , BitX received $4 million in funding in its first private round in July. Naspers Group and Digital Currency Group led the round.

Bitcoin Wallets and Payment Solutions

     BitX provides mobile wallets, institutional quality exchanges and APIs for business integration, and the company claims to provide a cheaper and faster transaction process for users to buy, trade and store Bitcoin online. In this way, App users can send, receive and store Bitcoin for free using their mobile phones.

     Marcus Swanepoel , co-founder and CEO of BitX , said the company will minimize friction in depositing, withdrawing and transferring bitcoin.

     BitX was founded in 2013 and provides services to customers in English, German, Malay, Indonesian, Dutch, Afrikaans and other languages, according to its website.

     Swanepoel said BitX hopes to increase people’s access to bitcoin, but the challenge is building trust in the technology.

     Swanepoel said that Naspers Group is still the largest institutional investor in BitX. As for Venturra Capital , he believes that this financial support is the first substantial investment in a Bitcoin company by a venture capital fund from Southeast Asia.

Develop new products to boost growth

     The new funding will accelerate BitX’s operations, such as product development, talent recruitment, and expansion into new markets. Swanepoel said the company has seen strong growth over the past three months.

     Venturra Capital was established just a few months ago and has already invested in Indonesia-based e-commerce site Sociolla and Malaysia-based service company Kaodim. Venturra Capital is an Indonesia-based multi-business conglomerate founded by former Rocket.com and Monk Hill joint venture partner Stefan Jung , Google Indonesia president Rudy Ramawy and Lippo Group director John Riady with a registered capital of US$150 million.

     Swanepoel believes that Venturra Capital does not just talk about value-added, but will achieve it with a clear, consistent and practical approach. He said that the foundation's expertise and network coverage in the Southeast Asian market has led to an exciting partnership between the two parties, which will help consolidate BitX's leadership in Singapore.

Venturra is confident about investing in BitX

     In a prepared statement, Jung said BitX has an exceptional team of technical expertise and business acumen. “They have proven they can develop innovative products with strong traction in a fast-growing emerging industry.”

     Other Southeast Asian startups using bitcoin include Indonesia’s Bitcoin.co.id and the Philippines’ Coins.ph . In addition, Coinbase expanded into Singapore in September.