Adaverse, an EMURGO Africa-backed Cardano ecosystem accelerator with a mission to scale Web3 projects on the Cardano blockchain, has announced an investment in BoundlessPay, a digital banking platform that simplifies cross-border transactions for Africans and Africans. from the diaspora.
Adaverse and EMURGO Africa join other strategic investors in an ongoing pre-seed fundraising initiative to launch BoundlessPay into its next phase of development in 2023.
Shogo Ishida, Co-CEO of EMURGO Middle East and Africa, commented, “BoundlessPay is doing something unique and different from what many have tried and failed. We are excited to be a part of this growth process. It takes a determined heart to build a sustainable Web3 platform that projects the future development of Africa, which is why Cardano’s proven blockchain platform is ideal for this structural growth and offers flexibility and sustainability.”
Vincent Li, Founding Partner of Adaverse, stated: “We are equally excited about BoundlessPay’s capabilities, especially its talented team. We believe they have what it takes to maintain this momentum by providing a sustainable social impact platform with a drive for excellence. As such, BoundlessPay will greatly benefit from Adaverse’s 3-month accelerator program and will be able to connect to global resources within the Cardano community.”
In the Q&A interview below, Franklin Peters, CEO of BoundlessPay, talks about the Adaverse investment, the potential for e-commerce in Africa, and how the company plans to achieve its goal by integrating Cardano’s blockchain infrastructure. .
Q&A with BoundlessPay CEO Franklin Peters
Q: Tell us about BoundlessPay.
Peter: BoundlessPay is a global digital banking application for cross-border collections, payments and settlements that uses blockchain to solve remittance and payment problems. I have a background in IT and in 2021 I decided to start BoundlessPay. Our mission is to interconnect Africans with digitally powered global e-commerce, leveraging Web3 technology to build an affordable, fast and easy-to-use payment platform.
Q: How does BoundlessPay work?
Peter: BoundlessPay is accessible as a mobile and web application that allows anyone anywhere to easily send, receive, exchange and redeem currency. The platform operates USD-pegged stablecoins such as USDT and Cardano USDA as an alternative way to store and spend money locally and globally, and users can access virtual USD cards and virtual fiat accounts, and easily log in and out on seconds.
Q: What are the prevailing challenges that BoundlessPay aims to address?
Peter: Having identified the economic wave of consumption across the continents and the interconnectivity of e-commerce globally, BoundlessPay positions itself as a bridge for Africans to access opportunities beyond their borders. In Africa, currency depreciation and inflation are at an all-time high. There is a palpable fear of storing wealth in local fiat currencies, while the number of unbanked and unbanked continues to grow. Africans are massively moving out of their local fiat currencies into stronger currencies like USD and GBP and stablecoins to protect their assets and resources.
Q: Why is blockchain a must for BoundlessPay services?
Peter: By building on Web3 tools, BoundlessPay removes cross-border barriers, allowing anyone, anywhere to access a trusted multi-currency wallet, with value-added services like utility bill payments and currency exchanges. Having experienced disappointment with similar cross-border Web2 platforms stunted by unfavorable government regulations, BoundlessPay has set out to offer a hassle-free and highly secure Web3 platform. By fostering strategic alliances with global organizations, BoundlessPay provides users with better options for international money transfers and instant settlement.
Despite the increasing use of fintech applications and the wide adoption of mobile money platforms, the interoperability hurdle for a cross-border deal still plagues African economic structures due to restrictive regulations. The process of obtaining foreign currency and opening accounts for foreign transactions in Africa is heavily regulated with strict requirements that cannot be met by low- and middle-income individuals seeking alternatives to their devalued fiat currencies. Therefore, to break down these barriers, BoundlessPay provides instant and reliable FOREX services available to everyone, including the unbanked.
Q: How will BoundlessPay promote the Cardano blockchain ecosystem?
Peter: It is a win-win relationship between Cardano and BoundlessPay. Building on the environmentally friendly Cardano blockchain allows for low transaction fees and the platform is sustainable, secure, interoperable, decentralized and supported by a team of researchers who are dedicated to constantly improving the system using revised methods. in pairs. BoundlessPay will fully utilize and support the Cardano blockchain in its scaling. This means that native Cardano tokens can be included in BoundlessPay, especially Cardano stablecoins. BoundlessPay intends to intensify marketing efforts in Africa to drive adoption of Cardano-based tokens among retail investors, merchants, and developers. Additionally, BoundlessPay will partner with dApps in the Cardano ecosystem to ensure ecosystem interoperability and growth.
Q: How will Adaverse contribute to BoundlessPay’s growth plan?
The partnership with EMURGO Africa and Adaverse was one of our main milestones in 2022. It has opened up the possibility of a new dimension of growth. We plan to build more services that support native Cardano tokens in our app in the future, including launching our native token on the Cardano network. As the Adaverse team is constantly building a healthy ecosystem and community in Africa, we at BoundlessPay are pleased to take advantage of this wealth of resources to provide more personalized services that truly solve African payment and remittance issues which we believe can be achieved in Cardano Blockchain. .
For smooth and flexible cross-border transactions, visit the BoundlessPay website.
Adaverse is a driving force in the growth of the Cardano ecosystem in Africa with grassroots outreach and investment connected towards developing Web3 startups that expand the potential of the e-commerce market in Africa. Founded in 2021 as a joint venture partnership between EMURGO Africa and Everest Ventures Group to identify and scale 300 promising Web3 projects in Africa, Adaverse has invested in 30 startups in seven (7) Sub-Saharan African countries.
Through a unique market-tailored approach, Adaverse is committed to scaling young startups, offering a 1:1 mentorship program, adequate funding, and technical support to founders building globally relevant, sustainable businesses. In 2023, Adaverse will dedicate further resources to expand growth in the Cardano community and help launch innovative solutions, especially Cardano-focused projects in Africa and the Middle East to usher in a digitally empowered global economy.
Africa-focused startups creating Web3 solutions can apply for funding and mentoring here