Cardano-focused accelerator Adaverse invests in Nigeria's BoundlessPay
BoundlessPay joins a growing list of beneficiaries of Adaverse’s investment. Some other recipients include Afriex, Afropolitan, Bitmama, Canza Finance, Ejara and Stakefair.
Cryptocurrency company BoundlessPay has raised undisclosed pre-seed funding from the Cardano-focused accelerator Adaverse to continue evolving as a digital asset-based bank.
Adaverse is a result of a collaboration between the Cardano blockchain development entity EMURGO and Hong Kong-based blockchain venture studio Everest Ventures Group. The accelerator, primarily focused on Africa and Asia, provides funding and mentorship to scale Web3 solutions across the globe.
The details
- Adaverse’s investment in BoundlessPay is part of its target to invest in 300 African blockchain startups in three years.
- While the investment amount to BoundlessPay was not disclosed, the accelerator says it offers up to $700,000 in immediate venture funds.
- Adaverse typically requires its portfolio companies to integrate Cardano blockchain products.
- BoundlessPay offers exchange and virtual card services.
Key quote
- Speaking on the funding, Vincent Li, the founding partner at Adaverse, said:
“We are [...] excited about BoundlessPay’s capabilities, especially their talented team. We believe that they have what it takes to sustain this momentum by providing a sustainable socially impactful platform with a drive for excellence.”
- BoundlessPay CEO Franklin Peters said:
“Partnering with EMURGO Africa and Adaverse ... has opened up the possibility of a new dimension of growth. We plan to create more services that support Cardano native tokens on our app in the future, including launching our native token on the Cardano network.”
Zoom out
- BoundlessPay joins a growing list of beneficiaries of Adaverse’s investment.
- A few other recipients include Afriex, Afropolitan, Bitmama, Canza Finance, Ejara and Stakefair.
