Bitcoin exchange and wallet provider BitX has extended its Series A round to include undisclosed funding from Southeast Asia-focused VC firm Venturra Capital.
BitX declined to release the size of the funding, but stated that the capital was secondary to bringing Venturra Capital on as an investor.
"With our lean structure and very low cost base, the funds we have raised equate to a lot more when compared to similar rounds raised by companies in the US and Singapore," CEO Marcus Swanepoel explained.
Swanepoel told CoinDesk BitX is seeing its biggest growth in Southeast Asia, and that the round was continued to add an "influential and well-respected local regional partner". Regardless, he stressed that BitX remains global in its focus as it seeks to expand.
"We see a lot more potential for bitcoin in emerging markets than developed markets," he said. "Markets like Southeast Asia are important markets for us but not exclusive."
Euro coins image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.