24 Oct '13, 5pm

Software firm buys Africa’s largest bitcoin exchange

Software firm buys Africa’s largest bitcoin exchange

South Africa-based bitcoin software firm Switchless has purchased the largest bitcoin exchange on the continent for an undisclosed sum. Switchless , which is based in Stellenbosch, snapped up BitX less than a year after the exchange was founded. According to Switchless director Marcus Swanepoel, his company bought the exchange, which is also based in Stellenbosch, for its team in what he described as an “equi-hire” deal. BitX’s team consists of three people, one of whom is former Google engineer Timothy Stranex, who co-founded the firm in February. The team brings Switchless’s total staff to eight. Swanepoel is secretive about the exact nature of his firm’s business, other than to say it develops bitcoin software for financial institutions. One of its investors is incubator FireID , which is also based in Stellenbosch. “It relates to exchange type of software, and ways to ...

Full article: http://www.coindesk.com/software-firm-buys-africas-larges...

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