Belfrics Global Pte Limited, a bitcoin and cryptocurrency platform company has announced the launch of its bitcoin exchange in Kenya.
Belfrics intends to capitalize on the growing demand for its services in Kenya, which is one of the top markets on the African continent. The company will find other market places such as bitpesa, remitano and others but the market is still young and opportunities abound.
The company is targeting Kenya’s significant remittance inflows and says will help cut the high cost of money transfer in the country.
With this launch, Belfrics is now available across three markets including India and its international-based exchange located in Singapore.
Speaking on the launch Mr. Praveen Kumar, Chairman & CEO, Belfrics Global said “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. Kenya, for us, is one of the fastest growing bitcoin markets in Africa – next to South Africa, Nigeria, and Ghana.”
Cost of money transfers
“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.”
Belfrics intends to tap the largely unbanked Kenyan population by providing services through desktop and mobile devices. The company has set a goal to become the largest bitcoin exchange for the African continent and is targeting 100,000 investors from Africa in the first 12 months of operation.