BoundlessPay digital bank secures investment from Adaverse to expand cross-border payment services on the Cardano blockchain
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BoundlessPay digital bank secures investment from Adaverse to expand cross-border payment services on the Cardano blockchain
BoundlessPay digital bank receives investment from Adaverse, under EMURGO Africa,
Navigating Web3 tides with focused insightsBoundlessPay Digital Bank Secures Investment from Adaverse under EMURGO Africa to Expand Cross-Border Payments on the Cardano Blockchain
Backed by EMURGO Africa, Adaverse, a Cardano ecosystem accelerator, is dedicated to advancing crypto-native projects in Africa. Adaverse has now announced its participation in BoundlessPay, a digital banking platform simplifying cross-border transactions for Africans and the African diaspora. Adaverse and EMURGO Africa joined other strategic investors in BoundlessPay’s Pre-seed funding round, supporting the company’s next phase of growth in 2023.
Shogo Ishida, Co-CEO of EMURGO Middle East and Africa, said: “BoundlessPay is doing something unique—something many others have tried and failed to achieve. Building a sustainable Web3 platform requires strong conviction, and we are excited to support its journey. Platforms like this will play a pivotal role in Africa’s future development, which is why proven blockchains like Cardano are ideal for enabling structural growth with flexibility and sustainability.”
Vincent Li, Founding Partner at Adaverse, added: “We’re equally excited about BoundlessPay’s future, particularly given their impressive and talented team. We believe they can deliver a sustainable, socially impactful platform while maintaining their drive for excellence. We look forward to BoundlessPay benefiting significantly from Adaverse’s 3-month accelerator program and accessing global resources within the Cardano community.”
In the interview below, BoundlessPay CEO Franklin Peters discusses Adaverse’s investment, the potential of African e-commerce, and how the company plans to achieve its goals through integration with Cardano blockchain infrastructure.
Q: Please introduce BoundlessPay.
Peters: BoundlessPay is an international digital banking app focused on solving technical remittance and payment challenges using blockchain technology, enabling users to receive, send, and settle payments across borders. I conducted research in computer science and decided to launch BoundlessPay in 2021. Our mission is to connect Africans with the digitally driven global e-commerce economy by building an affordable, fast, and easy-to-use payment platform powered by Web3 technology.
Q: How does BoundlessPay work?
Peters: BoundlessPay is accessible via mobile and web platforms, allowing anyone to easily send, receive, and trade currencies. The platform operates using USD-pegged stablecoins such as USDT and Cardano’s USDA. Whether storing, spending, or transacting local or international funds, users can leverage virtual dollar cards and virtual fiat accounts on BoundlessPay to move money in and out within seconds.
Q: What key challenges is BoundlessPay aiming to address?
Peters: BoundlessPay recognizes the rising wave of consumer economies and the interconnectedness of global e-commerce across continents, and aims to bridge Africans to overseas markets. In Africa, currency depreciation and inflation are at historic highs. As a result, people are deeply concerned about wealth erosion when holding local fiat currencies, and the number of unbanked individuals continues to grow. Africans are increasingly selling off their local currencies in favor of stronger ones like the U.S. dollar, British pound, or stablecoins to protect their assets.
Q: Why is blockchain technology essential for BoundlessPay?
Peters: By leveraging Web3 tools, BoundlessPay removes barriers to cross-border transactions, offering users reliable access to multi-currency wallets anytime, anywhere, along with value-added services such as utility bill payments and currency exchange. Traditional Web2 cross-border platforms have struggled due to unfavorable regulatory policies—a disappointing reality. BoundlessPay is building a frictionless, highly secure Web3 platform and actively forming strategic partnerships with global organizations to deliver better international remittance and instant settlement services.
Despite growing adoption of fintech apps and online currency platforms, interoperability hurdles caused by legal restrictions continue to hinder Africa’s economy. Accessing foreign currencies and opening foreign-denominated bank accounts in Africa face strict regulations so rigorous that low- and middle-income individuals often cannot meet them, forcing them to seek alternative ways to hedge against currency depreciation. To break down these barriers, BoundlessPay provides reliable, instant foreign exchange services accessible to everyone—including the unbanked.
Q: How will BoundlessPay promote the Cardano blockchain ecosystem?
Peters: Cardano and BoundlessPay share a mutually beneficial relationship. Building our product on the environmentally sustainable Cardano blockchain not only reduces transaction fees but also leverages Cardano’s strengths in security, interoperability, decentralization, and long-term sustainability—all backed by a research team committed to peer-reviewed innovation. BoundlessPay will actively utilize and support the expansion of the Cardano blockchain. This means Cardano-native tokens will be tradable on BoundlessPay, especially Cardano-based stablecoins. BoundlessPay plans to strengthen marketing efforts across Africa to drive retail investor, trader, and developer adoption of Cardano-based tokens. Additionally, BoundlessPay will collaborate with dApps within the Cardano ecosystem to ensure interoperability and ecosystem growth.
The BoundlessPay Team
Q: How will Adaverse contribute to BoundlessPay’s growth?
Collaborating with EMURGO Africa and Adaverse was one of our major milestones in 2022, opening new possibilities and multidimensional growth for BoundlessPay. We plan to develop more services supporting Cardano-native tokens, including launching our own native token on the Cardano network. Adaverse has built a strong ecosystem and community presence in Africa, and BoundlessPay is excited to tap into these rich resources to deliver tailored solutions that truly address Africa’s payment and remittance challenges. We believe this vision can be realized on the Cardano blockchain.
About Adaverse
Adaverse is a global Cardano incubation investment fund launched jointly by EMURGO and Everest Ventures Group, aimed at empowering the next generation of Web3 startups in Africa and Asia to succeed globally. Adaverse provides incubation resources to help startups build sustainable businesses across Africa, Asia, and beyond.
About Adaverse
- Official Homepage: adaverse.co
- Twitter: @Adaverse_Acc
- Facebook: Adaverse Accelerator
- Instagram: @adaverse_acc
- Medium: Adaverse Accelerator ; Adaverse Asia
- LinkedIn: @Adaverse
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