[2017-08-08] Belfrics Begins Roll-out of African Bitcoin Exchanges in Kenya

[Terraformer]

Belfrics Global have begun their roll-out of African bitcoin exchanges, having recently launched operations in Kenya. The company also plans to open additional exchanges in Nigeria, Ghana, and Botswana in the coming months.

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.

Do you think that Belfrics’ target of 100,000 customers in 12 months is an overly ambitious expectation of the African cryptocurrency economy? Share your thoughts in the comments section below!

https://news.bitcoin.com/belfrics-begins-roll-out-of-african-bitcoin-exchanges-in-kenya/

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[iamTom123]

That target is actually very much achievable as I am sure that there is an underground movement interested to get a hold of some Bitcoin and join the cryptocurrency club. I understand that there is a strong segment in the African population who are into the so-called Make Money Online (MMO) industry and most of these people can also be interested with Bitcoin, that is if they are not there already.

With the opening of these exchanges in different countries of the African continent, the company is giving many Africans to also participate and became stakeholders of the cryptocurrency business. Years from now, I am expecting that the African continent would be a big player in the cryptocurrency market. I am also hoping out of Africa there would be investors who will go into mining of Bitcoin as we need to spread the power and influence enjoyed by the miners.

[Kemarit]

I think they are targeting remittances going in and out of Africa as well. This is a large un-tap business and I think they want to get their hands on it. Bitpesa has already established itself and I think Belfrics would like to challenged them. And I think Africans will be the one to benefit from this 'war' to say the least.

With the opening of these exchanges in different countries of the African continent, the company is giving many Africans to also participate and became stakeholders of the cryptocurrency business. Years from now, I am expecting that the African continent would be a big player in the cryptocurrency market. I am also hoping out of Africa there would be investors who will go into mining of Bitcoin as we need to spread the power and influence enjoyed by the miners.

Yes, Africa is still not yet exploited in terms of bitcoin and crypto in general. And we could just get around 10% of the whole population, then bitcoin will enjoy another good ride as well. Maybe in about 3-5 years from now, when Africa has already bridge the infrastructure there then I wouldn't be surprise that they will be another player in the bitcoin ecosystem. Asia, America and now Africa. Bitcoin cannot be stopped now. This bitcoin tsunami is going to conquer the world.