SA crypto startup Revix raises $4m, Plans Local and International Expansion
South African cryptocurrency investment platform Revix has raised $4 million in funding to help it launch mobile and expand to the European Union (EU).
Revix was founded by Sean Sanders and Louis Buys in 2018 through a funding round from JSE-listed firm Sabvest. The startup has since aimed at making investments in cryptocurrency funds more accessible to ordinary investors. The startup was also one of 11 selected Fintech startups that participated at the Wave 2 of the Qatar Fintech Hub’s (QFTH) Incubator and Accelerator Programmes.
According to Sean Sanders, Revix’s chief executive officer, the startup plans to obscure the lines between investing into conventional resource classes, like stocks, as well as rising investment areas, like artificial intelligence, biotech, 5G, eSports, and cryptocurrencies. The startup also aims to engage regular individuals to invest securely.
The startup is the first investment platform in South Africa to offer a social loyalty and reward program, where clients can acquire points that can be recovered for Bitcoin.
The startup building a social steadfastness model that stimulates investors to embrace smart investment choices, for example, expanding their investment portfolios, developing the venture local area, improving their financial knowledge, and making a smart long-term investment, while being rewarded for doing as so.
Revix plans to use the investment to launch its mobile application, a variety of Fourth Industrial Revolution (4IR) investment opportunities, and for expansion to the EU. Locally, the funding will allow for the creation of more than 30 additional South Africa-based jobs.