Bitcoin company BitX further expands Series A funding, focusing on Southeast Asian market

Bitcoin exchange and wallet provider BitX has raised an undisclosed amount in its Series A funding round from an undisclosed investor, Venturra Capital, a venture capital firm focused on investing in startups in South Asia.

According to BitX, the latest financing will be used to recruit talent and develop products as well as expand its target consumer market to Indonesia, Malaysia, Nigeria and South Africa.

BitX declined to disclose the amount of the latest financing, but said it was BITX's Series A financing round in which Venturra Capital participated.

Marcus Swanepoel, CEO of BitX, explained:

“With our lean structure and low-cost infrastructure, this latest round of funding is effectively equal to what we have raised in the U.S. and Singapore.”

Swanepoel told CoinDesk that BitX has seen tremendous growth in its business in Southeast Asia, and revealed that there will be a partner from Southeast Asia participating in BitX's Series A financing, but he did not disclose the name of the partner, only saying "an influential and well-respected local regional partner." He emphasized that BitX will still maintain a global vision and expand the scope of its services.

“We see huge growth potential for Bitcoin in emerging markets, such as Southeast Asia, compared to developed countries, but it is only one of our key target markets.”

BitX completed its Series A funding in July this year, receiving $4 million in investment, led by Naspers Group, the third largest company in South Africa, and Digital Currency Group.

Original article: http://www.coindesk.com/bitcoin-startup-series-a-undisclosed-funding/
By Pete Rizzo
Translator: printemps
Editor: printemps
Source (Translation: Babbitt Information (http://www.8btc.com/bitx-expand-fund)