Hedera invests strategically in stablecoin payment company Ivorypay
In a significant move for the African fintech landscape, Ivorypay, a leading stablecoin payments company, has secured a strategic investment from Hedera, a decentralized ledger network. The exact amount of capital infused by Hedera remains undisclosed, according to the latest public reports.
The partnership is set to strengthen Ivorypay's technological offering and market position, with a focus on enhancing its blockchain payment solutions across the continent. This strategic alliance is expected to accelerate Ivorypay's entry and scaling in key African markets such as Ghana, Kenya, and South Africa.
The collaboration could bring several indirect benefits to Ivorypay. Gaining access to Hedera's cutting-edge technology could improve Ivorypay's payment infrastructure, enabling faster, more secure, and lower-cost transactions—a critical factor for adoption in African markets where fintech innovation is rapidly growing.
Association with a global blockchain entity like Hedera could also bolster Ivorypay's credibility, making it easier to attract local partners, regulators, and customers in target countries. Enhanced solutions could help Ivorypay overcome local infrastructure challenges, regulatory hurdles, and interoperability issues that often hinder fintech growth in countries such as Ghana, Kenya, and South Africa.
Moreover, the investment could open doors to further collaborations with banks, mobile money operators, and other financial institutions in these markets, leveraging Hedera’s existing relationships and Ivorypay’s local expertise.
Ivorypay's CEO, Oluwatobi Ajayi, commented on the development, expressing optimism about the partnership's potential to drive growth and innovation in the African payments sector. A spokesperson for Hedera also shared their enthusiasm for the collaboration, emphasizing the strategic value it brings to both parties.
It's worth noting that Ivorypay has already processed $80 million in transaction volume and onboarded 8,000 merchants across the four countries where it is currently active. In 2023, Ivorypay was named as one of the three African startups that participated in the fifth cohort of CV Labs' blockchain accelerator, earning itself $135,000 in capital investment from CV VC.
Despite the lack of detailed information about the partnership's specific tactics or timelines for entering Ghana, Kenya, or South Africa, the investment positions Ivorypay favorably compared to competitors relying solely on local or regional funding. The broader African blockchain investment climate faces headwinds, with average deal sizes having dropped sharply, indicating reduced appetite for larger investments.
In summary, while the exact investment sum and detailed market strategies remain undisclosed, the partnership between Ivorypay and Hedera is poised to strengthen Ivorypay's position in the African payments sector, potentially driving innovation and growth across the continent.
- The strategic investment from Hedera, a decentralized ledger network, is expected to enhance Ivorypay's blockchain payment solutions across Africa, particularly in markets like Ghana, Kenya, and South Africa.
- With access to Hedera's cutting-edge technology, Ivorypay's payment infrastructure could improve, enabling faster, more secure, and lower-cost transactions.
- The partnership could also help Ivorypay overcome local infrastructure challenges, regulatory hurdles, and interoperability issues that often hinder fintech growth in countries such as Ghana, Kenya, and South Africa.
- Leveraging Hedera’s existing relationships and Ivorypay’s local expertise, the investment could open doors to further collaborations with banks, mobile money operators, and other financial institutions in these markets.
