Fluterwave, the most valuable startup and fintech unicorn in Africa, will be launching USDC payment settlements in a partnership with the Hedera blockchain.
Flutterwave discussed this development at the Africa Money & DeFi Summit West Africa, held in October 3 – 4 2023, in Accra, Ghana.
🇬🇠@theflutterwave VP of Strategic Growth Iyembi Nkanza takes to the main stage at the Africa Money & #DeFi Summit in Ghana to present: “Enhancing Merchant Settlement Through Flutterwave on #Hedera” #AMDSGH
Flutterwave – a participant in @The_Hashgraph Association’s #Hashgraph… https://t.co/EZzPhAqKb4
— Hedera (@hedera) October 4, 2023
Peter Schroeder, Director at Circle, the company responsible for issuing the USDC stablecoin, confirmed the collaboration on X (formerly Twitter).
The most valuable startup in Africa (@theflutterwave) is facilitating the collection and payout of funds via USDC, supported by @hedera. https://t.co/BYFY6M4NBj
— Peter Schroeder (@peterschroederr) October 4, 2023
While the details of the partnership have not been disclosed, Hedera has been making advancements in enterprise stablecoin services. It recently launched an SDK (software development toolkit) that makes it possible for Web3 stablecoin platforms, institutional issuers, enterprises, and payment providers to build stablecoin applications using Hedera Network services without specialized blockchain expertise.
Dubbed Stablecoin Studio, it provides organizations worldwide with an all-in-one toolkit that enables stablecoin issuers to quickly configure, issue, and manage bespoke stablecoins on the Hedera Network. The toolkit offers:
- Oracle-based proof-of-reserves functionality
- Commercial custody provider integration points, and
- Easily configured KYC/AML compliance functionality
Recently, Shinhan Bank from Korea and SCB TechX from Taiwan successfully conducted a stablecoin remittance proof-of-concept (PoC) pilot built on Hedera.
Flutterwave, which is lead sponsor for the upcoming African Fintech Festival in Lusaka, Zambia, has continued to take steps to modernize its solutions and enter into meaningful partneships.
The fintech announced the rebranding of its cross-border remittance solution from $end to Send App to facilitate easier, faster, and more affordable money transfers from people in the diaspora to Africa. The updated solution now allows users in the US and Canada to send money to Africa and access new recipient countries, namely Egypt and Senegal, bringing its coverage to over 34 countries since its launch in 2021.
Flutterwave, Africa’s largest payment infrastructure, has processed over 400 million transactions in excess of $25 billion and serves more than one million businesses, including customers like Uber, Airpeace, Bamboo, Piggyvest, and others.
The company says it is on track to expand to India via cross-border remittance partnerships with IndusInd Bank and engineering mobility collaboration with Capgemini.
In early 2023, Flutterwave also secured two additional licenses in Rwanda: Electronic Money Issuer and Remittance Licenses, in addition to its Payment Service Provider license, enabling the company to strengthen its operations in East Africa.
The company also recently acquired a Payment Service Provider License in Egypt.
In 2021, Flutterwave integrated USDC stablecoin on the Stellar Network to simplify remittances between Africa and Europe.
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