IvoryPay, a blockchain-powered payment and remittance platform enabling businesses across Africa to accept stable cryptocurrency payments

has secured a strategic investment from Hedera, a decentralized ledger network.

A startup building a blockchain-powered payment and remittance platform that enables businesses across Africa to accept stable cryptocurrency payments has secured an investment from a public blockchain network.

Hedera, a decentralized ledger network, announced on Wednesday that it has made a strategic investment in IvoryPay, a pan-African startup focused on simplifying cross-border transactions.

As part of this partnership, IvoryPay will incorporate Hedera’s distributed ledger technology into its platform and a Hedera representative will join the IvoryPay board of advisors.

Founded in 2022, IvoryPay has already grown rapidly, processing over $80 million in transactions and onboarding more than 8,000 merchants since launching in Nigeria, Ghana, Kenya, and South Africa.

The startup's mission is to simplify cross-border transactions by enabling businesses to accept, transact and settle in stablecoins, which account for approximately 43% of the total cryptocurrency transaction volume in sub-Saharan Africa, according to Chainalysis.

IvoryPay's platform is designed for easy integration with e-commerce, retail, remittance and other traditional payment gateways, offering businesses of all sizes fast settlements and cost-efficient transactions.

In addition to its crypto payment gateway, IvoryPay is expanding its product suite with innovations that are aiming to enhance seamless crypto adoption in everyday commerce.

"We're excited to welcome Hedera on board as we continue to scale our payment infrastructure and reach more African markets," said Oluwatobi Ajayi, CEO and co-founder of IvoryPay.

"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."

By utilizing Hedera's high-throughput, low-cost and enterprise-grade blockchain technology, IvoryPay aims to further improve its platform's speed, security and reliability. This partnership will expand access to stablecoin-based payments for a wider range of merchants and consumers, fostering the adoption of digital currencies across Africa's growing economy.

Through this collaboration, IvoryPay and Hedera will jointly:Together, we're thrilled to announce a strategic partnership with Hedera Hashgraph! This investment will help us continue scaling our pan-African payment infrastructure and reaching new markets. We're excited to integrate Hedera's technology into our platform and welcome a Hedera representative to our board of advisors.