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Sompo Holding Inc. Enters the Remittance Sector through Bitpesa

Sompo Holding Inc. Enters the Remittance Sector through Bitpesa

The remittance service been offered by Bitpesa is catching the eyes of many Japanese firms which want a piece of it by owning stake. Through Bitpesa several firms with deep roots in Japan have acquired stakes in the latter firm. One such company that is working with Bitpesa is Be Forwarded, and now Sompo Holding Inc. has joined the league of companies working with Bitpesa.

According to a press release from Sompo Holding Inc. they now own 10 percent of Bitpesa. To arrive at the 10% stake Insurance firm Sompo had to invest 570 million yen which loosely translates to 5 million USD. The press statement from Sompo acknowledging the investment was followed by;

“Through BitPesa’s technology which was deployed after several experiments in remittances and settlements sector, we will be able to tap directly into the international remittance service market and consider the implementation of this technology to the insurance sector.”

Sompo Target through the Partnership

BTC Africa commonly known as Bitpesa was set up in 2013 to offer remittance service between the UK and Africa but has grown significantly since 2013. Through its network, technology and expertise Sompo is looking to expand its network reach a broader market and lower time and cost taken for the transfer of value on a global scale. Furthermore, Sompo understands the increasing roles being played by global money remittance services which help in fast-tracking the movement of data, goods, services and people. Furthermore, it’s also helping in the growth of the economy.

Besides Sompo taking a keen interest in blockchain technology which is being used by Bitpesa to run its platform other players in the insurance sector have followed suit. IBM and Marsh are working together on developing the first commercial blockchain solution for the insurance sector.

On the other hand to facilitate its growth and development Bitpesa has secured funding from three venture capital financing firms. They are Pantera Capital, Digital Currency Group and Draper VC. The three are well-established crypto industry VC firms. With the funding in place, more development can be made on Bitpesa global remittance network, and improve its infrastructure in general.

Bitpesa is a financial remittance money platform whose base currency is Bitcoin. As the company gets more investment its improving its footprint on a global scale and further help promote the economy through its remittance services. Its services are available globally.