BitFury Group has recently announced that it has made an investment in the company BitPesa, a universal bitcoin payment and trading platform that seeks to give the pan-African continent unfettered access to the benefits of the global economy.
The “strategic investment”, as BitFury refers to it, was made by its investment arm BitFury Capital for an undisclosed sum as of now.
“Our mission is to make global transacting easier, especially for those who continue to face obstacles to financial growth. A secure, transparent and trusted form of exchange is being made possible by BitPesa, and our investment will allow us to work together to leverage the innovative power of the Bitcoin Blockchain for the benefit of the entire pan-African continent,” said Valery Vavilov, CEO of BitFury.
BitPesa allows individuals and businesses from all over the world to quickly and securely send payments to and from Kenya, Nigeria, Uganda, and Tanzania. The company accepts bitcoin and exchanges it for local African currencies, which are then deposited into African bank accounts or mobile money wallets.
Besides, BitPesa sells bitcoin in Kenya, Nigeria, and Uganda, for those users who do not have access to other bitcoin exchanges. The company is licensed by the FCA as an Authorized Payment Institution, making it a more trusted solution than using informal brokers or cash agents, the traditional route in Africa for many people seeking to engage in exchange. Furthermore, BitPesa uses bitcoin to exchange directly between African currency and other global currencies, reducing unnecessary and expensive dependence on using the U.S. dollar as a means of exchange.
“It has been great to have the support of the BitFury Group, who work extremely hard to build community amongst companies working with bitcoin, large and small. Valery and his team have a long history working in frontier markets and nothing is more important to our team than an understanding and support of the work we do,” said Elizabeth Rossiello, CEO of BitPesa.
BitFury derives sustainable advantage through its custom-made application-specific integrated circuits (ASICs), optimized to achieve the lowest power consumption coupled with the highest processing metrics – the parameters that drive mining margins. The company has an impressive track record, having successfully delivered several prior generations of silicon and has a roadmap to at least double performance-per-watt every 6-12 months. BitFury’s management team and board include seasoned industry veterans with a history of execution in silicon engineering, operational build-up and capitalizing businesses.