Hedera invests strategically in Ivorypay, a company specializing in stablecoin payments.
Hedera Invests in IvoryPay to Boost African Blockchain Payment Solutions
Hedera, the enterprise-grade public blockchain platform, has made a strategic investment in IvoryPay, a leading African blockchain payments company. The exact amount of the investment has not been publicly disclosed.
The partnership between Hedera and IvoryPay aims to support IvoryPay's expansion plans within African markets, including Ghana, Kenya, and South Africa. IvoryPay plans to leverage Hedera's blockchain technology to improve its payment and remittance platform capabilities, facilitating stable cryptocurrency payments for businesses. This enhancement is expected to help IvoryPay scale its operations more effectively across these African countries.
IvoryPay's CEO, Oluwatobi Ajayi, has commented on the development. According to IvoryPay, it has processed a transaction volume of $80 million and onboarded 8,000 merchants across four countries.
As part of the partnership, a Hedera representative will be admitted into IvoryPay's board of advisors. The investment is part of Hedera's strategy to support startups within its ecosystem.
Prior to the Hedera investment, IvoryPay received $135,000 in capital investment from CV VC as part of the fifth cohort of CV Labs' blockchain accelerator in 2023.
The partnership will see IvoryPay integrate Hedera's distributed ledger technology into its platform. This integration will allow businesses to receive crypto payments and be paid in fiat, with the crypto-fiat conversion handled by IvoryPay. IvoryPay operates crypto payments APIs that enable users to receive payments in stablecoins.
The partnership is expected to lead to the incorporation of IvoryPay's product into Hedera's infrastructure. This collaboration is set to boost the adoption of blockchain technology in the African payment sector, making it more accessible and efficient for businesses across the continent.
Despite the undisclosed financial details of the investment, the strategic partnership between Hedera and IvoryPay is a significant step towards advancing blockchain technology in Africa and enhancing the payment solutions for businesses across the continent.
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- The strategic investment by Hedera in IvoryPay will enable IvoryPay to utilize Hedera's blockchain technology to improve its payment and remittance platform, facilitating stable cryptocurrency payments for businesses.
- IvoryPay's expansion plans within African markets, including Ghana, Kenya, and South Africa, will be supported by the partnership with Hedera.
- As part of the partnership, a Hedera representative will be admitted into IvoryPay's board of advisors, and this investment is part of Hedera's strategy to support startups within its ecosystem.
- The partnership between Hedera and IvoryPay is expected to lead to the incorporation of IvoryPay's product into Hedera's infrastructure, boosting the adoption of blockchain technology in the African payment sector.
- Prior to the Hedera investment, IvoryPay received capital investment from CV VC, and this partnership is a significant step towards advancing blockchain technology in Africa and enhancing the payment solutions for businesses across the continent.
