Belfrics Global is a Malaysian bitcoin trading platform that has recently announced plans to open exchanges across Africa. The company aims to capitalise on the demand for cryptocurrency services in African nations that are experiencing increasing bitcoin adoption rates. Belfrics hopes to drive financial inclusion in the continent through its bitcoin exchanges and other digital services for both individuals and merchants.
Belfrics Launches in Kenya
The company which operates in Eastern Asia, India, and the Middle East, launched its Belfrics bitcoin exchange in Kenya on 29th July. Speaking to members of the bitcoin community in Nairobi during the launch, Belfrics Chairman and CEO, Praveen Kumar explained some the services local consumers can access from the exchange aside from bitcoin trading.
“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,” he stated.
According to Belfrics, they have received positive responses from consumers in the past few months, as it has been running test trials in the country. Praveen explained the positive results of the trail runs encouraged their decision to change their market strategy by entry into African cryptocurrency markets.
For Kenyans, the exchange will be instrumental in enhancing mainstream adoption for bitcoin. The platform offers a new alternative for bitcoin trading with a five percent commission on transactions and with no limit on the amount of bitcoin that you can purchase.
According to Praveen, the company plans to open exchanges in Ghana, Nigeria, and Botswana, with other countries to follow. Belfrics hopes to become the largest liquidity provider for bitcoin trading in fiat currencies and set a target to reach 100,000 investors in Africa within its first year of operations. If the company’s success in Kenya is anything to go by, then achieving such a target is not far from the realms of possibility.