Bit-Pesa Eyes East Africa As They Announce Their $1.1m Grant

Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

Recently, BitPesa has been operating their service in Kenya and Ghana where individuals are allowed to remit money in Bitcoin for the company to later on convert into physical cash.

In November 2014, BitPesa raised $1.7m, led by Pantera Capital Management LP with support from the Crypto Currency Partners LP, Stephens Investment Management LLC.

With a new round of $1.1m, Dan Morehead of Pantera Capital Management and BitPesa’s board of directors, have embark on the expansion of Bitcoin services in East Africa particularly in countries like Tanzania and Uganda.

According to the Chief Executive Officer (CEO), Elizabeth Rosssiello the expansion across the region is to meet the demand for truly low- cost international money transfer.

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