Sean Sanders, CEO and Founder of Revix.
South African cryptocurrency investment platform Revix has raised over R58 million in offshore funding and is trying to create jobs in the country.
In a statement, Cape Town-based Revix, who also has offices in London, says the funding is evidence of the potential of the cryptocurrency sector in SA.
The company informs ITWeb that the multi-million rand investment was made by a consortium of UK and European investors and the Qatar Development Bank.
The investment comes at a time when leading cryptocurrencies like Bitcoin saw a massive surge in value after being backed by well-known brands like Tesla, Mastercard and PayPal, among others.
At the time of writing, Bitcoin was trading at an all-time high of over $ 64,000.
Revix was founded in 2018 on the principle that everyone should be able to invest their own money and become their own wealth manager. According to Revix, the company’s customer growth reflects the exponential surge in the cryptocurrency market, which is valued at over $ 2 trillion, and the digital asset class is more valuable than Apple.
The company says the capital will be used to launch Revix’s mobile application, a variety of investment opportunities for the fourth industrial revolution, and to expand into the European Union.
Locally, it adds, the funding will enable the creation of more than 30 additional SA-based jobs, evidence that regulating cryptocurrencies in SA can provide employment opportunities and long-term economic growth.
“We want to blur the lines between investing in traditional asset classes like stocks and emerging alternative investment sectors like AI [artificial intelligence], Biotech, 5G, esports and cryptocurrencies, ”said Sean Sanders, CEO and founder of Revix.
“We want to give everyday people the opportunity to invest effortlessly and securely in new topics, technologies and asset classes.”
Revix claims it is the first investment platform in SA to offer a behavioral loyalty and rewards program that allows customers to earn points that can be redeemed for Bitcoin.
“We are building a behavioral loyalty model that encourages investors to make wise investment decisions, such as diversifying their investment portfolios, growing the investment community, improving their financial literacy, and making wise long-term investment decisions while being rewarded for doing so. ” Sanders explains.
In addition to secured funding, Revix was one of 21 start-ups and the only South African fintech company to be included in the six-month Berkeley Blockchain Xcelerator.
“The Accelerator is known for partnering with companies using novel technologies to address global societal challenges. Revix has created a platform that has the potential to break down the barriers to entry within this alternative investment area, ”says Jocelyn Weber, director of X-Labs and Berkeley’s Blockchain Xcelerator.
The company was also one of 11 fintech companies selected (out of 500 applicants) for Wave 2 of the Qatar Fintech Hub’s incubator and accelerator program.
“We are at the early stages of a multi-decade super cycle of retail investment and look forward to advancing the complex web of consumer technology, finance and regulation that is needed to bring real innovation to private investment alongside Revix,” said Ibrahim Al Mannai , Executive Director for Advice and Incubation at Qatar Development Bank.
“We managed to achieve monumental growth in the first three years by sticking to our mission to help people achieve their financial goals while providing alternative investment opportunities in a rapidly evolving environment,” concludes Sanders.