Hedera invests strategically in Ivorypay, the stablecoin payment company
In a significant move for the African fintech sector, Hedera Hashgraph has announced a strategic investment in Ivorypay, a digital payments and remittances company operating across the continent. The partnership aims to incorporate Ivorypay's platform into Hedera's infrastructure, leveraging Hedera's distributed ledger technology (DLT) to enhance Ivorypay's payment solutions.
Ivorypay, which currently serves over 8,000 merchants in four countries, enables businesses to accept crypto payments and convert them into fiat currency. The company has processed a transaction volume of $80 million and recently joined CV Labs' fifth cohort blockchain accelerator, securing a capital investment of $135,000 from CV VC in 2023.
The exact amount of funds invested by Hedera in Ivorypay remains undisclosed. However, the investment is monetary, as stated in a press release. A representative from Hedera will join Ivorypay's board of advisors, further strengthening the partnership.
Ivorypay plans to integrate Hedera's DLT into its platform, promising improved speed, security, and cost efficiency for its users. The partnership is expected to help Ivorypay expand its services to African markets, including Ghana, Kenya, and South Africa.
Despite requests for comments, neither Ivorypay's CEO nor a spokesperson for Hedera provided specific details about the strategic investment or the benefits of their partnership in terms of product integration or geographical expansion.
For those seeking the precise figure or updated partnership terms, it is recommended to consult official releases from Hedera or Ivorypay or trusted financial news sources for the most current and detailed information. Ivorypay also operates crypto payments APIs, enabling users to receive payments in stablecoins.
This strategic investment marks a significant step for Hedera in its mission to bring its decentralized solutions to the African market, while Ivorypay continues to expand its digital payment offerings across the continent.
- Hedera Hashgraph, a distributes ledger technology (DLT) firm, has invested in Ivorypay, a digital payments and remittances company in Africa, aiming to enhance Ivorypay's payment solutions and integrate its platform into Hedera's infrastructure.
- Ivorypay, with over 8,000 merchants across four countries, accepts crypto payments and converts them into fiat currency, having processed a volume of $80 million.
- The partnership between Hedera and Ivorypay promises to improve speed, security, and cost efficiency for Ivorypay's users through the integration of Hedera's DLT.
- The investment by Hedera in Ivorypay is expected to help Ivorypay expand its services to countries like Ghana, Kenya, and South Africa.
- Apart from crypto payments, Ivorypay also operates APIs for receiving payments in stablecoins.
- The strategic investment by Hedera in Ivorypay signifies a significant move towards bringing Hedera's decentralized solutions to the African market, while Ivorypay continues to extend its digital payment services across the continent.
