BoundlessPay, a Nigerian-based digital banking platform simplifying cross-border transactions for Africans and diasporan Africans, has secured an undisclosed seed investment from Adaverse.
Adaverse is excited to join @EmurgoAfrica in a strategic investment to support @BoundlessPay's mission for seamless cross-border transactions in Africa.
CEO @B__Oracle talks about the journey so far and the growth roadmap with #Cardanoblockchain here – https://t.co/2P4uwz2jUA
— Adaverse Accelerator (@Adaverse_Acc) January 30, 2023
Founded in 2021 by CEO, Franklin Peters, the startup utilizes blockchain to solve remittance and payment problems.
According to Peters, BoundlessPay is available as a mobile and web-based platform making it convenient for anyone anywhere to perform operations like sending, receiving, exchanging and swapping currencies.
“By building on Web3 tools, BoundlessPay eliminates cross-border barriers, allowing anyone, anywhere, to access a trusted multi-currency wallet, with value-added services like utility bill payments and currency swaps,” said Peters.
The platform utilizes USD-pegged stablecoins such as USDT and Cardano USDA as a substitute for traditional methods of storing and spending money both locally and globally. Users also have access to virtual USD cards and fiat accounts and can quickly transfer funds in and out of the platform in seconds.
Adaverse, a Cardano-focussed African ecosystem accelerator, has set itself an ambitious target to make investments in 300 blockchain startups across the continent within the next 3 years.
Vincent Li, founding partner at Adaverse stated:
“We are equally excited about BoundlessPay’s capabilities, especially their talented team. We believe that they have what it takes to sustain this momentum by providing a sustainable socially-impactful platform with a drive for excellence. As such, BoundlessPay will benefit greatly from the Adaverse 3-month accelerator program and be able to connect to the global resources within the Cardano community.”
Cardano blockchain is preferred by BoundlessPay due to low transaction fees, adding to the platform’s sustainability, security, and interoperability. It is also said to be maintained by a team of researchers who are committed to continuously enhancing the system through peer-reviewed methods.
BoundlessPay plans to fully utilize and support the Cardano blockchain for its scaling needs. This allows for Cardano-native tokens, particularly Cardano stablecoins, to be listed on the platform.
To increase adoption of Cardano-based tokens among retail investors, traders, and developers, BoundlessPay intends to ramp up marketing efforts in Africa.
Furthermore, the company aims to collaborate with dApps within the Cardano ecosystem to enhance interoperability and promote growth within the ecosystem.
Startups that are African-focused building Web3 solutions can apply for funding and mentorship from Adaverse here.
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