Singapore-Based Startup BitX Pushes Funding from Venturra Capital

Venturra CapitalBitX, the Singapore-based startup has raised funding from Venturra Capital. In July, it has raised $4 million Series A in a round by Digital Currency Group. Now, the amount of funding hasn’t been disclosed.

“It’s a substantial amount and what we believe to be the first substantial investment from a Southeast Asian VC into a bitcoin company,” says Marcus Swanepoel, CEO and co-founder of BitX.

Venturra, a US$150 million asset for organizations in Indonesia and Southeast Asia, appeared a couple of months prior and has following reported various speculations like Indonesian ecommerce site Sociolla and Malaysian administrations startup Kaodim.

“BitX has an exceptional team that combines deep technical expertise and commercial acumen. They have proven they can build innovative products and strong traction in a rapidly emerging industry,” Stefan Jung, co-founder and managing partner at Venturra Capital, says in a statement.

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BitX’s administrations incorporate a bitcoin ewallet and business payment arrangements. Clients of its iOS and Android applications can store, send, and get bitcoin utilizing their telephone without paying any charges. The organization expects to be at the cutting edge of Bitcoin appropriation and utilization.

The FinTech industry has drawn the consideration of most major monetary organizations, now inspired by bringing beforehand unknown advances like bitcoin into the standard. The startup likewise looks to acclimate its clients with Bitcoin use cases, including more places where individuals can utilize it in a given business sector.

“Given our experience working closely with large financial institutions on various bitcoin and blockchain initiatives since 2013, we’ve realized that the use case for ‘blockchain’ is very, very limited, and that these institutions are potentially making a very big mistake in completely ignoring bitcoin. We are capitalizing on that mistake as we speak. We believe the banks of the future will look very different from how they look today, and we are building the foundations for this new future of finance, at record speed and scale,” says Marcus.

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