IvoryPay, a blockchain-powered payment and remittance platform designed to facilitate stable cryptocurrency payments for businesses across Africa, has successfully secured a strategic investment from Hedera, a leading decentralized ledger network. This partnership marks a significant step forward for IvoryPay as it aims to enhance its payment infrastructure and expand its reach across the continent.
As part of this collaboration, IvoryPay will integrate Hedera’s advanced distributed ledger technology into its platform, which will not only improve the efficiency of its operations but also enhance the overall user experience. Additionally, a representative from Hedera will join IvoryPay’s board of advisors, providing valuable insights and guidance as the company continues to grow.
Founded in 2022, IvoryPay has experienced rapid growth, processing over $80 million in transactions and onboarding more than 8,000 merchants across key markets including Nigeria, Ghana, Kenya, and South Africa. The company’s mission is to simplify cross-border transactions, enabling businesses to accept, transact, and settle payments in stablecoins. Notably, stablecoins account for approximately 43% of the total cryptocurrency transaction volume in sub-Saharan Africa, highlighting the increasing demand for such solutions.
IvoryPay’s platform is designed for seamless integration with various sectors, including e-commerce, retail, remittance, and traditional payment gateways. This flexibility allows businesses of all sizes to benefit from fast settlements and cost-effective transactions, making it easier for them to adopt digital currencies.
In addition to its core crypto payment gateway, IvoryPay is expanding its product offerings with several innovative solutions, including:
- The Duffle Crypto Payment App: A user-friendly application that simplifies cryptocurrency transactions for both businesses and consumers.
- Crypto POS Terminals: Point-of-sale systems that enable merchants to accept cryptocurrency payments easily.
- Crypto ATMs: Automated teller machines that allow users to buy and sell cryptocurrencies, further promoting the use of digital currencies in everyday commerce.
Oluwatobi Ajayi, CEO and Co-Founder of IvoryPay, expressed enthusiasm about the partnership, stating, “We’re excited to welcome Hedera on board as we continue to scale our payment infrastructure and reach more African markets. Their support bolsters our mission to bring secure and transparent financial services to everyone, especially in regions where the benefits of digital currencies can truly transform day-to-day transactions.”
By leveraging Hedera’s high-throughput, low-cost, and enterprise-grade blockchain technology, IvoryPay aims to enhance the speed, security, and reliability of its platform. This partnership is expected to broaden access to stablecoin-based payments for a larger number of merchants and consumers, fostering the adoption of digital currencies within Africa’s rapidly growing economy.
Through this collaboration, IvoryPay and Hedera will work together to:
- Improve IvoryPay’s technical infrastructure to accommodate higher transaction volumes.
- Expand services to additional African countries, enhancing the platform’s reach.
- Develop innovative blockchain-based payment solutions tailored specifically for African businesses.
- Strengthen compliance frameworks to ensure secure and reliable transactions.
A spokesperson from Hedera commented on the investment, stating;
Investing in IvoryPay is part of our broader commitment to driving real-world blockchain use cases that foster financial inclusion. We are confident that IvoryPay’s solutions, backed by our state-of-the-art distributed ledger technology, will help revolutionize payment systems and empower millions of people and businesses in emerging markets.
This partnership not only highlights the potential of blockchain technology in transforming payment systems but also underscores the importance of financial inclusion in driving economic growth across Africa.
