Cardano invests in digital banking platform to scale payments
Building a digital banking platform on Cardano is ideal, as the blockchain network offers flexibility and sustainability. The platform’s CEO is confident that BoundlessPay will thrive where others have failed...
- Building a digital banking platform on Cardano is ideal, as the blockchain network offers flexibility and sustainability.
- The platform’s CEO is confident that BoundlessPay will thrive where others have failed due to the support from Cardano and other Cardano-related entities such as Emurgo and Adaverse.
Per an announcement by Emurgo, Adaverse Accelerator has invested in BoundlessPay, a digital banking platform that eases international transactions for Africans at home and abroad. Adaverse is one of the Cardano ecosystem accelerators in Africa with backing from Emurgo Africa, a Middle East and Africa-focused entity of Cardano blockchain founding entity EMURGO.
.@Adaverse_Acc, a #Cardano ecosystem accelerator in Africa backed by @EmurgoAfrica, has announced an investment in @boundlesspay, a digital banking platform simplifying cross-border transactions for Africans and Diasporan Africans.
Read more, here: https://t.co/iZ1mQkVuMS
— EMURGO (@emurgo_io) January 30, 2023
More funds for the next developmental phase
BoundlessPay is currently running a pre-seed fundraising event as it seeks funds to embark on its developments this year. Thus, Adaverse and Emurgo Africa are among the venture capitalists participating in the fundraiser. Reacting to the development, Shogo Ishida, a top-level executive with Emurgo Middle East & Africa, remarked that the digital banking platform is adopting a unique approach to payments which contrasts what many before it had done and failed.
Ishida added, “Emurgo is delighted to be a contributor to the development of a Web3 platform with a long-term vision for the development of Africa’s fintech space.” Hence, Cardano’s blockchain network is suitable for building such a platform as it offers sustainability and flexibility.
Adaverse founding partner Vincent Li said;
the BoundlessPay team is full of talents with immeasurable capabilities, and we look forward to the solution they plan to create with their digital banking platform.
Li said, “Adaverse’s 90-day accelerator program would benefit BoundlessPay as it can access necessary resources in the Cardano ecosystem.”
Previous platforms failed due to government policies – BoundlessPay CEO
In a recent interview, BoundlessPay CEO, Franklin Peters, shared insights on how the firm will integrate Cardano’s blockchain infrastructure to accomplish its plans. According to Peters, one major challenge BoundlessPay aims to solve is to help Africans access opportunities outside the continent.
Many Africans continue to abandon their local fiat currencies in favor of stronger currencies due to rising inflation and currency depreciation. Hence, it is no surprise that many Africans invest in stablecoins, USD, and GBP assets to preserve their wealth. The BoundlessPay CEO further said BoundlessPay is utilizing blockchain technology and Web3 tools to make it easy for anyone to make payments without third-party intervention.
According to him, similar platforms failed because they were built on Web2 tools, subject to government policies. Peters further claimed that restrictive regulations cause interoperability issues affecting international settlements by Africans. Heavy regulations and strict requirements exist before any African can open accounts to make cross-border transactions or access foreign currencies.
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Thus, BoundlessPay intends to solve this issue by offering all Africans instant and trusted foreign exchange services. According to the CEO, the digital banking platform intends to promote the adoption of Cardano-based tokens among its users by intensifying its marketing efforts in Africa and listing Cardano native tokens, especially Cardano stablecoins, on its platform.
Also, BoundlessPay plans to achieve interoperability with the Cardano ecosystem by partnering with dApps on the network. Peters noted that the platform’s partnership with Adaverse and Emurgo Africa was one of its significant accomplishments last year.
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