BitFury invests in Kenyan Bitcoin exchange BitPesa

Bitcoin Blockchain infrastructure provider and transaction processing startup BitFury Group Ltd. has announced that it has invested in Kenyan Bitcoin exchange Bitpesa.

The amount of the investment was not disclosed.

Founded in November 2013, the Nairobi-based startup pitches itself as an easy way to send money to Africa, although it primarily has an East African focus, offering exchange services in Kenya, Nigeria, Uganda, and Tanzania.

The company accepts Bitcoin and exchanges it for local African currencies, which are then deposited into an African bank account or into mobile money wallets, while also selling Bitcoin in Kenya, Nigeria, and Uganda, for those users who do not have access to other Bitcoin exchanges.

BitPesa is licensed by the Financial Conduct Authority (FCA) as an Authorized Payment Institution, which according to the company means that it is a more trusted solution than using informal brokers or cash agents, which are typically used for financial payments in East Africa.

“Our mission is to make global transacting easier, especially for those who continue to face obstacles to financial growth,” BitFury Chief Executive Officer Valery Vavilov said in a statement (pdf). “A secure, transparent and trusted form of

Read more ... source: TheBitcoinNews