Business

Hedera makes undisclosed ‘strategic investment’ in stablecoin payments firm, Ivorypay

Ivorypay aims to incorporate Hedera’s infrastructure and admit a member of the firm onto its board.

Image source: Ivory

Stablecoin payments company Ivorypay has received a strategic investment from Hedera, a decentralized ledger network.

This partnership will see Ivorypay integrate Hedera’s distributed ledger technology into its platform and admit a Hedera representative into its board of advisors.

The details

In a press release, Ivorypay said Hedera infused some capital into the company, suggesting that the investment is monetary.
However, the exact details of the funds Hedera invested in Ivorypay remain undisclosed, and the company did not respond to requests for comments.
As is typical with ecosystems that invest in startups, Ivorypay will incorporate its product into Hedera’s infrastructure.
The firm plans to expand its services to other African markets, including Ghana, Kenya and South Africa.

How it works

Ivorypay runs crypto payments application programming interfaces (APIs) that allow its users to receive payments in stablecoins.
Businesses that integrate Ivorypay’s payment gateways can receive crypto payments and get paid in fiat while the firm does the crypto-fiat conversion on the backend.
According to the firm, it has processed $80 million in transaction volume and onboarded 8,000 merchants across the four countries where it is currently active.

Key quotes

Ivorypay’s CEO, Oluwatobi Ajayi commenting on the development, said:

“We are 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.”

A spokesperson for Hedera said:

“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.”