BoundlessPay digital bank secures investment from Adaverse, aiming to expand cross-border payment services on the Cardano blockchain

Author: Adaverse

Supported by EMURGO Africa, Adaverse serves as an accelerator for the Cardano ecosystem, aiming to promote the development of crypto-native projects in Africa. Adaverse has announced its investment in BoundlessPay, a digital banking platform that simplifies cross-border transactions for Africans and African expatriates. Adaverse and EMURGO Africa, along with other strategic investors, participated in BoundlessPay's Pre-seed funding round, helping BoundlessPay enter its next phase of development in 2023.

Shogo Ishida, Co-CEO of EMURGO Middle East and Africa, stated: "BoundlessPay is doing something unique, something many others have tried and failed. Building a sustainable Web3 platform requires steadfast confidence, and we are excited to be part of witnessing its growth and progress. Such a platform will play a significant role in Africa's future development, which is why the proven Cardano can be an ideal blockchain platform to drive structural growth and provide flexibility and sustainability."

Vincent Li, founding partner of Adaverse, expressed: "We are equally excited about the future of BoundlessPay, especially with their impressive team. We believe they can provide a sustainable, socially impactful platform while maintaining their drive for excellence. We hope BoundlessPay can greatly benefit from Adaverse's three-month accelerator program and tap into global resources within the Cardano community."

In the interview below, BoundlessPay CEO Franklin Peters discusses Adaverse's investment, the potential of e-commerce in Africa, and how the company plans to achieve its goals by integrating Cardano's blockchain infrastructure.

Q: Please introduce BoundlessPay.

Peters: BoundlessPay is an international digital banking app dedicated to solving remittance and payment issues using blockchain technology. Users can receive, pay, and settle across borders on this platform. I conducted research in computer science, and in 2021, I decided to establish BoundlessPay. Our mission is to connect Africans with a digitally driven global e-commerce ecosystem, creating an affordable, fast, and user-friendly payment platform using Web3 technology.

Q: How does BoundlessPay operate?

Peters: BoundlessPay is accessible on both mobile and web platforms, allowing anyone to easily send, receive, and trade currencies. The platform will operate based on stablecoins pegged to the US dollar, such as USDT and Cardano USDA. Whether storing or spending local or international funds, users can utilize virtual dollar cards and virtual fiat currency accounts through BoundlessPay, easily moving funds in and out within seconds.

Q: What are the main challenges BoundlessPay aims to address currently?

Peters: BoundlessPay has identified the waves of consumer economies across continents and the interconnectedness of global e-commerce, thus striving to build bridges for Africans overseas. In Africa, currency devaluation and inflation are at historic highs. As a result, people are very concerned about the risk of storing wealth in local fiat currencies, while the number of unbanked individuals continues to rise. Africans are increasingly selling their local fiat currencies in favor of stronger currencies, such as the US dollar and British pound or other stablecoins, to protect their assets.

Q: Why is blockchain technology essential for BoundlessPay?

Peters: By building Web3 tools, BoundlessPay eliminates barriers to cross-border transactions, allowing users to access reliable multi-currency wallets anytime, anywhere, and providing value-added services such as utility bill payments and currency exchanges. Similar Web2 cross-border transaction platforms have been hindered by unfavorable policies and regulations, which is quite disappointing. In contrast, BoundlessPay is working to create a zero-barrier, highly secure Web3 platform and is striving to establish strategic partnerships with global organizations to provide better international remittance and instant settlement services.

Despite the increasing use of fintech apps and online currency platforms, the "interoperability" barriers faced in cross-border settlements continue to plague the African economy due to legal restrictions. In Africa, the process of obtaining foreign currency and opening foreign currency accounts is heavily regulated, with such stringent requirements that low- and middle-income individuals cannot meet them, leading them to seek alternative methods to avoid the devaluation of their fiat currencies. Therefore, to break these barriers, BoundlessPay offers reliable instant foreign exchange services for everyone, including the unbanked.

Q: How will BoundlessPay promote the Cardano blockchain ecosystem?

Peters: Cardano and BoundlessPay have established a win-win relationship. Building products on the environmentally friendly Cardano blockchain not only reduces transaction costs but also offers sustainability, security, interoperability, and decentralization. The Cardano research team continuously improves the system through a peer-reviewed approach. BoundlessPay will leverage and fully support the expansion of the Cardano blockchain. This means that Cardano native tokens can be traded on BoundlessPay, especially Cardano stablecoins. BoundlessPay plans to strengthen its marketing efforts in Africa to encourage retail investors, traders, and developers to adopt Cardano-based tokens. Additionally, BoundlessPay will collaborate with dApps within the Cardano ecosystem to ensure interoperability and growth.

BoundlessPay Team

Q: How will Adaverse contribute to the growth of BoundlessPay?

Our collaboration with EMURGO Africa and Adaverse is one of our major milestones in 2022, opening new possibilities for BoundlessPay and bringing growth from different dimensions. We plan to create more services supporting Cardano native tokens in the future, including launching our native token on the Cardano network. The Adaverse team has established a strong ecosystem and community in Africa, and BoundlessPay is excited to leverage these rich resources to provide more tailored services that truly address payment and remittance issues in Africa. We believe these visions can be realized on the Cardano blockchain.

About Adaverse

Adaverse is a global incubation investment fund for Cardano launched jointly by EMURGO and Everest Ventures Group, aimed at helping the next generation of African and Asian Web3 startups stand out globally. Adaverse provides incubation resources for business development, hoping to assist startups in developing sustainable businesses in Africa, Asia, and beyond.