BitPesa Raises $1.1 Million, Looking to Expand Remittance Services to Tanzania, Uganda

Kenya-based BitPesa, a Bitcoin

Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term-powered remittance service, has raised another $1.1 million in capital.

The round was led by Pantera Capital, whose CEO and founder, Dan Morehead, joined the company's board of directors. Also contributing to the round were Crypto Currency Partners, Stephens Investment Management, Bitcoin Opportunity Corp. and Future/Perfect Ventures.

Since launching last year, the Startup

Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term has raised a total of $1.7 million.

The funding will go toward growing its remittance services, which it hopes to introduce into neighboring countries like Tanzania and Kenya.

Bitcoin has become a popular medium for remittances to countries with large unbanked populations. Its decentralized ledger has often proved more economical as a means for transfer relative to traditional avenues for sending money like Western Union or MoneyGram. Such bitcoin-based services have much to gain if they can onboard any meaningful proportion of the estimated unbanked population of 2 billion in the world.

Anyone with a cellphone capable of sending text messages can make use of the service.

The company also recently launched a bitcoin brokerage for Kenyan shillings to complement its remittance service.

BitPesa has been pleasantly surprised by its early successes, but has not yet reached its goal of capturing 1% of the local market.

BitPesa’s CEO and co-founder, Elizabeth Rossiello, said that it is easier for expats sending money to buy the bitcoins in some countries (e.g. Canada) more than others (e.g. U.K.). "It gives us a hint about where to move next," she said.

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.