On 8 November 2018, Sompo Holdings invested USD 5 million to acquire a 10% stake in BitPesa. BitPesa, an African Bitcoin (BTC) startup, with an initial focus on crypto-enabled fiat remittances between the UK and Kenya, will help Sompo extend their presence in the international remittance service market and consider the application of this technology to the insurance field.
Sompo’s aim is to use the crypto-enabled fiat remittance services deployed by BitPesa to lower the costs and time taken for the global transfer of value, and to extend their existing work to reach a wider customer base via BitPesa’s international remittance services that target developing countries.
BitPesa has sealed venture capital financing from crypto industry VC firms, such as Draper VC, Digital Currency Group, and Pantera Capital. The service has used the funding to develop a global remittance network with bitcoin as a base currency in order to improve financial infrastructure between the developing world, Europe, and the UK.
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