Bitpowr looks to Asia for further growth following $200M milestone
Bitpowr, a digital asset custody and blockchain wallet provider that concentrates on the African market, is looking to expand in Asia having achieved a recent crypto transaction milestone.
$200 million in total transactions
The company has exceeded $200 million in total transactions processed since its launch in January 2022. The milestone demonstrates the firm’s efforts in furthering its mission to democratize finance with accessibility for all through crypto.
The achievement was outlined recently in a report by TechCabal, a pan-African publication that covers innovation and tech developments across Africa. Bitpowr provides a modular ecosystem of Web3 and blockchain infrastructure to aid enterprises in building out blockchain-powered solutions.
Asian clientele on the ascendancy
In a recent interview, Toby Oyetoke, the co-founder of Bitpowr, disclosed a noteworthy shift in customer demographics, with Asian clientele now surpassing their African counterparts in contributing to the company's $200 million transaction milestone. The Bitpowr co-founder believes that this signals a growing demand in the Asian market for accessible blockchain tools and infrastructure which are necessary for financial institutions seeking to launch and scale their products and services, relative to Web3.
Oyetoke shared insights into Bitpowr's financial performance, stating:
“Currently, we do up to $20 million per month in terms of traction volume processed, and that is from April 2022 till now. We now generate more revenue than we spend. We are cash flow positive.”
There have been signs that inter-regional trade between the African and Asian regions is growing where crypto-related payment gateways and solutions are concerned. At the end of last month, Klasha, an Africa-based cross-border payments company, partnered with Singapore-headquartered digital payments firm FOMO Pay with a view towards better enabling Asian merchants to trade with African businesses over crypto-enabled payment rails.
A recent Chainalysis report revealed Asia as the largest cryptocurrency market globally. Its crypto adoption index prominently featured Asian nations such as India, Thailand and Vietnam among the top grouping of nations where adoption of the digital asset innovation is concerned.
Bitpowr co-founder Amarachi Amaechi is equally enthused about Asian market growth opportunities. She stated:
“There is a good demand from Asia right now. We are seeing increasing representation in transaction volume which also translates to an increase in revenue for us.”
Amaechi outlined that the firm intends to hire people from Asian countries in order to market the company’s service offering in those markets.
Focus on Southeast Asia
Looking ahead, Bitpowr is setting its sights on expanding further into the Asian market, particularly in Southeast Asia, while maintaining its operations in Africa. The company aims to establish its ledger and wallet infrastructure during this strategic expansion.
Bitpowr has also announced that it has achieved SOC 2 compliance, meaning that it follows strict information security policies and procedures. It has also initiated the implementation of the ISO 27001 audit process through its partnership with New York-headquartered compliance specialist Thoropass.
The company's expansion into the Asian market is anticipated to not only accelerate its own growth but also offer customers in the region access to innovative digital asset solutions, supporting them in achieving their financial goals.
