BitSoko, a Kenya-based digital currency wallet startup, has received $100,000 grant from the Grand Challenges Explorations, an initiative of the Bill & Melinda Gates Foundation.

Bitcoin Magazine reports that BitSoko will use the fund to expand its services from Kenya to Ghana, Zimbabwe and Sierra Leone.

Upon the successful expansion, BitSoko stands a chance of getting additional grant of up to $1 million.

“The financial structure in Kenya and throughout Africa has changed rapidly since the birth of mobile money by M-Pesa,” said Allan Juma, co-founder and lead developer at Bitsoko. “We believe that this will only continue to grow, and tools such as Bitsoko that leverage blockchain technology to lower transaction costs will be at the forefront of this boom.”

BitSoko  integrates Blockchain technology to enable low-cost transactions with bitcoin.

The Bitcoin startup, Bitsoko also announced that it soon will begin sponsoring a Blockchain Event Series in Nairobi, Kenya.

Source: Bitcoin Magazine

Image Credit: Chris Potter Via Flickr

Lulu Fadoju Author

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