Verda Ventures, a global venture capital firm specializing in blockchain, has unveiled a $40 million initiative in collaboration with Opera, a web browser company, to back blockchain startups in emerging markets.
The fund aims to support companies developing financial products centered on Opera’s MiniPay wallet which was launched in Nigeria in 2023.
INTRODUCING | #Opera Launches the MiniPay Stablecoin Wallet for African Users on the #Celo Blockchain #MiniPay is sad to be a collaboration between Opera and the Celo Foundation, enabling rapid wallet-to-wallet stablecoin transfers with fees below a cent using mobile phone… pic.twitter.com/JE36GMqL3G
— BitKE (@BitcoinKE) September 20, 2023
Co-investors in the fund include:
- Jump Crypto
- Borderless Capital, and
- Former Citigroup chairman, Richard Parsons
The MiniPay wallet, integrated into the Opera browser, which has 100 million users in Africa, is a self-custodial dollar stablecoin wallet built on the Celo blockchain. It facilitates cross-border stablecoin transfers between wallets using mobile phone numbers.
MiniPay allows users to send and receive money instantly via phone numbers, making financial transactions seamless and accessible even in areas with limited banking infrastructure. Since its launch in September 2023, MiniPay has grown to 4.8 million users, leveraging Opera’s 320+ million monthly active user base.
Startups supported by the MiniPay fund will leverage the wallet’s framework to develop financial products around it.
The fund offers access to Opera’s extensive distribution network and Celo’s resources, inviting builders to create blockchain-based solutions focused on identity management, remittances, and stablecoin banking.
“Partnering with Opera allows us to leverage stablecoin-powered solutions to bridge the financial access gap. MiniPay is uniquely positioned to empower individuals and businesses with essential financial services at a fraction of the cost,” said founding partner at Verda Ventures, Alex Witt.
According to Verda, the MiniPay Fund focuses on three key areas that drive financial growth in emerging markets:
- Mobile Banking: Delivering essential services to the unbanked population
- SME Lending: Providing vital funding to over 65 million small and medium-sized enterprises in Sub-Saharan Africa
- Investments: Offering tools to counter local currency risks and enable wealth-building
Notable web3 Startups like:
- Pretium
- Partna
- Mural, and
- Mento Labs
have already joined the MiniPay ecosystem, Verda said.
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