Belfrics Has Launched Its First African Bitcoin Exchange in Kenya
Malaysia-based bitcoin technology provider, Belfrics Global, has set in motion its roll-out of African bitcoin exchanges. Belfrics has launched operations in Kenya, with intentions to soon enter the cryptocurrency markets of Nigeria and Ghana.
In addition to offering a bitcoin exchange to Kenyan cryptocurrency traders, Belfrics will offer a payment gateway and point of sale system to Kenyan merchants seeking to accept bitcoin as payment.
Speaking at the launch of the company’s first African bitcoin exchange at the Villa Rosa Kempinski in Nairobi, Chairman and CEO of Belfrics Global, Praveen Kumar spoke with enthusiasm regarding the response received from the Kenyan cryptocurrency community. “We were overwhelmed with the tests trials that were run in Kenya in terms of volume and have therefore decided to launch Bitcoin exchanges across the continent in the coming months,” Kumar stated.
For Belfrics, the African bitcoin markets possess considerable growth potential, with the company expecting to target approximately 100,000 African investors during its first 12 months of operations. “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. Kenya, for us, is one of the fastest growing bitcoin markets in Africa – next to South Africa, Nigeria, and Ghana.”
Belfrics Views the Roll-out of Its African Bitcoin Exchanges as an Opportunity to Tap Into Vast Unbanked Populations
Belfrics are now in direct competition major African bitcoin exchange and services provider, Bitpesa, for the Kenyan cryptocurrency markets. While Belfrics offers a heavy fee structure of 5 per cent compared to Bitpesa’s 3 per cent, Belfrics does not impose minimum transaction limits on customers, whereas Bitpesa enforces a minimum transaction value of $700.
Belfrics views the rollout of its African bitcoin exchanges as an opportunity to tap into the vast unbanked populations of Africa, as well as providing a viable competitor to the traditional banking sector. “Our bitcoin exchange aims to bring down the cost of money transfers within Kenya using blockchain technology,” Kumar stated.
The launch of Kenya’s bitcoin exchange brings the total number of countries in which Belfrics is operating to four, including exchanges in India, Singapore, and Malaysia.