BitFury is a #bitcoin transaction processing company. They have made an undisclosed investment in Kenyan bitcoin exchange BitPesa, based in Nairobi.
BitPesa accepts bitcoin payments and then exchanges the bitcoin for local currencies, which it then deposits into bank accounts or mobile money wallets, while also selling Bitcoin in #Kenya, Nigeria, Uganda and Tanzania 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).
BitPesa keeps growing to cover many more countries as well as continuing to expand its services, and while it isn’t going to radically change the money transfer process in East Africa tomorrow, it’s growth certainly sees it well placed going forward.