BitX: Capitalizing on Banks' Misguided Approach Toward Blockchain Technology
Singapore-based Bitcoin wallet, trading service provider, and merchant payment processor BitX has secured a round of funding from Southeast Asia-focused venture capital firm Venturra. Previously, the startup raised US$4 million from prominent Btcoin angel investors including Barry Silbert, as well as tech conglomerates such as South African media company Naspers. With the new financing, BitX will focus on expanding its team and recruiting talents across Asia to enter new markets. "We've seen some really strong growth over the past three months, so having additional cash to help drive these....
Related News
Recently, institutional trading and clearing platform, LedgerX, co-founder and CEO Paul Chou, stated that most of the proposals and projects led by blockchain startups to implement distributed ledger technology in the traditional financial sector are extremely misguided. The former code-writer for Goldman Sachs said in an interview with the New York Business Journal: Blockchain Expanding. Since early 2015, the Bitcoin space has seen an explosive growth of blockchain startups or distributed ledger technology providers which facilitate enterprise-level infrastructure for financial....
More and more banks are trying to explore the potential applications of blockchain technology in their operations. Some say that this could reduce clearing times and costs for trades while also providing a more secure approach to record-keeping. However, most banks are traditional in their approach and have a lot of homework to do when it comes to updating their systems, let alone understanding the complex blockchain technology. For Deutsche Bank Research analyst Thomas Dapp, banks need to first solve their legacy problems before adapting to new systems. Blockchain and Legacy Problems. "I....
Exchange and wallet service BitX is about to go global with a grand plan to serve the world's emerging economies with one recognizable brand, based on solid financial industry foundations. BitX will do all this while retaining a local staffing and customer service identity in each of the 12-plus countries it serves, according to Marcus Swanepoel, the co-founder and CEO of parent company Switchless. Switchless acquired the South African bitcoin exchange in October 2013 with the intent of transforming the exchange into something much larger and more international. Big sell. BitX's primary....
Bitcoin firm BitX, which focuses on bringing bitcoin services to emerging markets, has added Malaysia to its stable of exchanges. The new exchange, which has been operating live for two weeks now, allows Malaysians to link local bank accounts for both deposits and withdrawals in the local currency, the ringgit. In keeping with BitX's goal to provide local services with local staff, customer support is also available in the country's official language, Bahasa Malaysia. BitX CEO Marcus Swanepoel told CoinDesk that Malaysia is a "very tech savvy market", with bitcoin trading already active at....
Singapore-headquartered Bitcoin exchange BitX, which already has offices in Cape Town and Jakarta, has launched operations in Nigeria. BitX provides a bitcoin wallet, an exchange, merchant integration and APIs to businesses and consumers across the world. It has built up a sizeable presence in Southeast Asia and Africa. The launch will allow Nigerians to buy or sell bitcoin instantly using Nigerian naira for the first time through the mobile BitX Wallet on iOS and Android. They will also be able to trade bitcoin, and use the BitX API to develop their own bitcoin products. BitX CEO Marcus....