Switchless, a provider of enterprise Bitcoin solutions, has agreed to acquire Stellenbosch-based BitX, a Bitcoin exchange service based in Stellenbosch.
Switchless develops enterprise Bitcoin trading, security and integration software for leading global financial institutions. They are backed by technology and innovation group FireID, who have a background in developing security, payment and banking products for financial institutions across the world.
BitX is a market platform that allows individuals to trade Bitcoin using South African Rands.
The platform matches and clears trades between counterparties, functioning similarly to online share trading platforms. It is the easiest and fastest way for people to buy and sell Bitcoin in South Africa.
Under the terms of the agreement the BitX team will join Switchless, who are actively expanding their Bitcoin team. This acquisition represents a significant step towards launching innovative new Bitcoin products in a number of key markets across the world.
“Switchless is very excited to welcome the experienced BitX team,” said Malan Joubert, Switchless founder. “We are impressed by the pioneering work done by BitX and look forward to incorporating their expertise to launch some exciting new products.”
Timothy Stranex, co-founder of BitX said: “We look forward to joining the Switchless team and believe this merger will enable us to offer even better products and services to our growing user base”.
BitX will continue operations without interruption.
Over the past four years Bitcoin has matured from being a theoretical crypto-currency to a viable transaction mechanism. There are currently $2 billion worth of Bitcoin in circulation, trading at approximately $166 per Bitcoin. Bitcoin continues to grow at an astounding pace, attracting the attention of both individuals and large institutions around the world.