IvoryPay, a blockchain-powered payment and remittance platform enabling businesses across Africa to accept stable cryptocurrency payments, has secured a strategic investment from Hedera, a decentralized ledger network.
As part of this partnership, IvoryPay will incorporate Hedera’s distributed ledger technology into its platform and welcome a Hedera representative to its board of advisors.
Founded in 2022, IvoryPay has grown rapidly, processing over $80 million in transactions and onboarding more than 8,000 merchants across Nigeria, Ghana, Kenya, and South Africa. With a mission to simplify cross-border transactions, IvoryPay enables businesses to accept, transact, and settle in stablecoins which account for approximately 43% of the total cryptocurrency transaction volume in sub-Saharan Africa.
🇪🇹REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis
According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T
— BitKE (@BitcoinKE) October 4, 2024
IvoryPay’s platform is built for easy integration with e-commerce, retail, remittance, and other traditional payment gateways, offering businesses of all sizes fast settlements and cost-efficient transactions.
Beyond its crypto payment gateway, IvoryPay is expanding its product suite with innovations like:
- The Duffle crypto payment app
- Crypto POS terminals, and
- Crypto ATMs
enhancing seamless crypto adoption in everyday commerce.
“We’re excited to welcome Hedera on board as we continue to scale our payment infrastructure and reach more African markets,” said Oluwatobi Ajayi, CEO and Co-Founder of IvoryPay.
“Their support bolsters our mission to bring secure and transparent financial services to everyone, especially in regions where the benefits of digital currencies can truly transform day-to-day transactions.”
By utilizing Hedera’s high-throughput, low-cost, and enterprise-grade blockchain technology, IvoryPay aims to further improve its platform’s speed, security, and reliability. This partnership will expand access to stablecoin-based payments for a wider range of merchants and consumers, fostering the adoption of digital currencies across Africa’s growing economy.
Through this collaboration, IvoryPay and Hedera will jointly:
- Improve IvoryPay’s technical infrastructure to handle higher transaction volumes
- Expand services to more African countries
- Develop innovative blockchain-based payment solutions tailored for African businesses
- Strengthen compliance frameworks to ensure secure and reliable transactions
“Investing in IvoryPay is part of our broader commitment to driving real-world blockchain use cases that foster financial inclusion,” said a Hedera spokesperson.
“We are confident that IvoryPay’s solutions, backed by our state-of-the-art distributed ledger technology, will help revolutionize payment systems and empower millions of people and businesses in emerging markets.”
Join and interact with our Telegram community
______________________________________
______________________________________
