The partnership comes after Sompo Holdings acquired a 10 percent stake in BitPesa.
Speaking on the new partnership, Sompo Holdings, in a statement said:
“Using BitPesa’s technology, developed through various experiments in remittances and settlements, we will extend our presence in the international remittance service market and consider the application of this technology to the insurance field.”
In a statement to Forbes, CEO and Founder, BitPesa, Elizabeth Rossielo said:
“We focus on giving our customers the ability to transact between currencies. Now, we are welcoming other partners from around the world who want access to these markets. Sompo Holdings is one of the largest Japanese insurance companies and they are looking for new markets and opportunities. We can give them immediate access to these markets. For all the financial services they offer, we can provide all the cross-currency transactions to remove any currency risk.”
BitPesa’s Credibility Soars
The recent partnerships by BitPesa have continued to position the Kenyan-born company onto the global remittance space on the blockchain. The new partnership will no doubt continue to cement the company and ensure its footprint is felt across the different countries it operates in Europe and Africa.
The new partnership is also in line with Sompo Holding’s vision of ‘contributing to the security, health, and wellbeing of customers and society as a whole by providing insurance and related services, both in domestic Japan and overseas.’
As BitPesa continues its expansion into Asia and trade between African and Asian countries continues to grow steadily, the new partnerships are no doubt going to prove invaluable when it comes to crypto payments.