Bitcoin Exchange Launching In Kenya. Nigeria, Ghana and Botswana To Follow
By Peter Pedroncelli Published: August 2, 2017, 3:49 am
Africans are beginning to embrace bitcoin and other cryptocurrencies. Photo: altcoinpress.com
Malaysian bitcoin technology provider Belfrics Global is launching a bitcoin exchange in Kenya, allowing users and traders of the cryptocurrency to transact through a variety of online and mobile services.
The Kenyan arm of Belfrics will offer a number of digital services revolving around the Blockchain, as well as a payment gateway for merchants to accept bitcoin as payment for products and services, according to ITNewsAfrica.
The company has been testing its services in Kenya for the last few months, after launching services in Malaysia, Singapore and India.
The official launch will take place on September 8, with plans to expand further into Africa with bitcoin exchange launches planned in Botswana, Nigeria and Ghana, according to CoinTelegraph.
The company is aiming to attract between 100,000 and one million African investors during the course of the next year and a half.
Bitcoin exchange in Kenya due to fast growing market
Praveen Kumar, chairman and chief executive of Belfrics Global was at the launch event in Nairobi, and explained the importance of Kenya as a critical market for the company.
“Belfrics Global aims to transform the financial sector of Kenya by disrupting the digital currencies space. We believe that digital currency is definitely the future of the financial markets and Kenya becomes an important market for us to start our operations in Africa,” Kumar revealed, according to Cryptoninjas.
“Kenya, for us, is one of the fastest growing bitcoin markets in Africa – next to South Africa, Nigeria, and Ghana,” he added.
“Our bitcoin exchange aims to bring down the cost of money transfers within Kenya using blockchain technology. Along with the bitcoin exchange platform, we will also be providing POS and payment gateway solution for merchants and will be providing white label solutions for exchanges,” said the chief executive.
Belfrics is entering the Kenyan market, but it is not the first to offer bitcoin in the country, with local rival BitPesa already offering certain services with a three percent commission structure.
While Belfrics will offer a five percent structure, Justus Mutui Kimasyu, the director of Belfrics Kenya Limited, explained that limits imposed by their competitor will not be an issue for Belfrics customers.
“With BitPesa, the minimum of bitcoin you can purchase is $700, but we have opened our doors for people to purchase any amount they can afford,” he told CoinTelegraph.
Sign up for the AFKInsider newsletter — the most compelling business news you need to know from Africa and the African diaspora, delivered straight to your inbox.