Switchless buys South African bitcoin exchange

Switchless buys South African bitcoin exchange

Switchless, a South African-based outfit which develops bitcoin-related software for financial institutions, has bought local bitcoin exchange BitX. Financial terms were not disclosed.

Only a year old but already Africa's largest bitcoin exchange, BitX lets users trade the virtual currency using South African Rands, matching and clearing trades between counterparties.

Backed by incubator FireID, Switchless says that it develops enterprise bitcoin software for banks, private wealth managers and brokerage firms, making it easy for them to bring Bitcoin to their customers.

The BitX team, led by former Google software engineer Timothy Stranex will join Switchless as it prepares to launch "innovative new Bitcoin products," says a statement.

Malan Joubert, founder, Switchless, says: "We are impressed by the pioneering work done by BitX and look forward to incorporating their expertise to launch some exciting new products."

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