Japanese Insurer Sompo Partners With African BTC-Enabled Remittance Service BitPesa

Japanese insurance company Sompo has partnered with pan-African digital payment platform BTC Africa, also known as BitPesa, according to Sompo’s press release published Nov. 9.

As Cointelegraph Japan has confirmed, Sompo Holdings Inc. invested 570 million yen ($5 million) Nov. 8 to acquire a 10 percent stake in BitPesa. BitPesa is anAfrican Bitcoin (BTC) startup that was founded in 2013, with an initial focus on crypto-enabled  fiat remittances between the U.K. and Kenya.

In a statement accompanying the investment, Sompo outlined that the partnership is focused on the “digitalization of global remittance services,” and that:

“Using BitPesa’s technology, developed through various experiments in remittances and settlements, we will extend our presence in the international remittance service…

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