Adaverse from Cardano and EMURGO Africa invest in BoundlessPay, a digital banking platform, to simplify cross-border transactions and bring financial services to the unbanked and underbanked in Africa.
Remittances form a vital source of income for a significant population across Africa. Through remittances, low and middle-income countries (LMICs) can cope with harsh economical situations. Remittances help alleviate poverty, improve nutritional outcomes and increase school enrollment rates.
Payment of these funds into Africa is quite challenging due to the high transfer costs and the high rate of currency depreciation and inflation.
To help counter this challenge, Adaverse, a Cardano ecosystem accelerator in Africa backed by EMURGO Africa, has invested in BoundlessPay. The digital banking platform is designed to simplify cross-border transactions for Africans and Diasporan Africans.
Adaverse and EMURGO Africa join other strategic investors in an ongoing pre-seed fundraising initiative. The initiative focuses on launching BoundlessPay into its next development phase in 2023.
What is BoundlessPay?
The BoundlessPay digital banking app eases cross-border collections, payments, and settlements globally through blockchain technology. The platform operates as a mobile and web application that allows users to easily send, receive, exchange, and swap currencies.
It operates on USD-pegged stablecoins like USDT and Cardano USDA, offering an alternative way to store and spend money locally and globally.
Breaking Down Barriers for Cross-border Transactions in Africa
The growing demand for fintech apps and the widespread of mobile money platforms do not solve the cross-border settlement plaques. The restrictive regulations in Africa still cause interoperability issues.
BoundlessPay aims to break these barriers by providing trusted and instant Forex services available to all, including the underbanked.
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Adaverse, Cardano and BoundlessPay
Adaverse and EMURGO Africa bring their expertise in scaling Web3 projects to the table. BoundlessPay offers access to the global resources within the Cardano community and the opportunity to benefit from the Adaverse 3-month accelerator program.
Building on the Cardano blockchain means that BoundlessPay will have low transaction fees and be a sustainable, secure, interoperable, decentralized platform. The company intends to intensify African marketing efforts to drive the adoption of Cardano-based tokens among retail investors, traders, and developers.
Franklin Peters, CEO of BoundlessPay, spoke about the partnership with Adaverse, saying “Partnering with EMURGO Africa and Adaverse was one of our major highlights in 2022. It has opened up the possibility of a new dimension of growth. We plan to create more services and expand our footprint across the African continent to become a leading provider of financial services to the unbanked and underbanked.”
BoundlessPay has the potential to revolutionize cross-border transactions in Africa, making it easier for people to access global e-commerce opportunities. The partnership with Adaverse and EMURGO Africa will help to drive growth and scale the platform, making it a key player in the financial services sector in Africa.
