BitX is a bitcoin exchange and wallet that has focus market areas such as South Africa, Nigeria, Malaysia, Kenya, and Indonesia. And with their latest expansion, they are going to begin focusing on Singapore.
Starting this week, BitX Singapore users will be able to buy and sell bitcoin instantly using the BitX Android or iOS Smart Wallet and trade between Singapore Dollars (SGD) and bitcoin on the BitX exchange. With this launch, BitX will have a presence in three Southeast Asia countries.
In an update from the company, BitX says they also have plans to expand further into SEA countries, although which ones are unknown at this time. Vijay Ayyar who leads Sales and Business Development at BitX said that launching in Singapore was inevitable, because Singapore has “an extremely forward thinking government focused on building Singapore into a FinTech hub.”
“Our goal is clear: provide the best Bitcoin buying/selling experience to our customers. Keeping this in mind, our product has a strong focus on simplicity and ease of use. As with all our operational countries, we’re very focused on security and compliance. We have the same, stringent KYC (know your customer), AML (anti-money laundering) and fraud detection mechanisms in place,” wrote Ayyar.
BitX is best known for their outreach in South Africa, which is where they first started before expanding to other countries. Earlier this year BitX co-founder Carel Van Wyk had a television interview with South Africa’s Carte Blanche to examine bitcoin. Just last month BitX added over-the-counter trading to their exchange services which will help big investors with slippage.
As part of the launch in Singapore, all BitX Singapore users will be able to buy and sell bitcoin with zero fees for a limited time.