Zimbabwe’s leading bitcoin startup, BitFinance, has changed its name to Golix. The Harare-based startup was launched in 2014 to offer Zimbabwe’s economy a better currency solution than its current one.
BitFinance’s founders, Verengai Mabika, Tawanda Kembo and Tawanda Maguze, saw bitcoin as a game-changer in the money-transfer industry and a potential alternative currency that would salvage the monetary challenges that the country has been going through.
New Name To Suit Move From Bitcoin to Digital Currency Company
In an email to its users, Golix shared the news saying: “We’re thrilled to have you as an integral part of our vision and today we’re excited to let you know that we’re moving into the future and changing our brand from BitFinance to Golix.”
They went on to state, “We started BitFinance in December 2014 to make it super easy for Zimbabweans to use bitcoin. For a country that had so many ‘monetary problems’, we strongly believed that bitcoin was going to make our people’s lives significantly better because it gave them financial autonomy. We were right and we chose our brand names (BitFinance and BitcoinFundi) to position ourselves as a bitcoin company.
It became clear to us that in the future, bitcoin will not be the only digital currency that succeeds. A few months ago, we started investing in other digital currencies and have seen that it works, so we are doubling down.
Today is a remarkable day for us, and most importantly you, our customers. It marks the completion of our transition from being ‘just a bitcoin company’ to being ‘a digital currency company’. And so, from today onwards, we shall be known as Golix.”
BitFinance Overcame Funding Challenges to Build Established Digital Exchange
Earlier on in their venture, BitFinance were unable to scale up their business due to lack of investors. Investors were scared to invest due to Zimbabwe’s weak economy. Although they made several applications to various investors globally, they were always turned down.
Luck was on their side when in 2015 they received funding from Savannah Fund, a Nairobi-based seed fund. They used the investment to establish the first and only local bitcoin exchange in Zimbabwe, BitFundi.
BitFundi has continued to experience strong growth with an increasing number of transactions since its launch. The exchange can now be found on Golix.io under the company’s new name.