Bitcoin billionaire invests in Kenya

[Photo: Courtesy]

PayPal board member and Xapo Chief Executive Wences Casares has asked Kenyan entrepreneurs to invest more in technology start-ups, and practise patience to derive maximum benefits from their enterprises. 

The technology entrepreneur, probably the largest custodian of bitcoin in the world courtesy of his wallet start-up Xapo, based in California, spoke during an interactive session at the Endeavor Kenya head office in Nairobi.

He joined board members to celebrate a Sh4.8 billion investment by Endeavor Catalyst, an offshoot of Endeavor Global, in local digital payments provider Cellulant. 

Mr Casares, who is believed to hold as much as $10 billion (Sh1 trillion) of the cryptocurrency in underground vaults on five continents through Xapo, said he would invest more in Kenya if he found viable ventures and encouraged local entrepreneurs to focus on the long-term vision as opposed to short-term challenges. 

“My biggest regret is that I have sold start ups for billions of dollars. Yes, I got the money but no satisfaction because ultimate satisfaction comes from starting a company and building it to realise the vision for which it was started,” he said.