TechPression

Tag: Adaverse

  • Adaverse joins Bitmama Web3’s pre-seed round

    Adaverse joins Bitmama Web3’s pre-seed round

    Adaverse, a joint accelerator programme founded by EMURGO Africa and Everest Ventures Group, has successfully participated in a pre-seed round to assist Bitmama‘s aim of harnessing blockchain and other frontier technologies. The aim of this is to remove cross-border payment barriers in Africa.

    Adaverse was able to participate in the round thanks to the assistance of Everest Ventures Group.

    Bitmama is a Web3 payment platform that uses bitcoins to improve financial transactions in Africa. Ruth Iselema, a Nigerian female entrepreneur, is spearheading the drive to expedite cross-border payments using Bitmama.

    In Africa, traditional payment channels have long been plagued by issues such as unreliability, excessive processing fees, remittance delays, and a lack of transparency. These issues have been present for a long time.

    International financial transactions, in particular, have proven onerous due to the requirement to convert local currencies into dollars and then back into the recipient’s local currency.

    The introduction of Web3 solutions opens up new possibilities for Africa’s rapidly developing economy.

    This is true despite the fact that individual African countries have implemented varying policies regarding cryptocurrency.

    “We are thrilled to support Bitmama and are committed to providing advice and mentorship support to help them stay ahead of the curve in the fast growing Web3 business,” stated Vincent Li, Adaverse’s founding partner.

    “We are delighted to help Bitmama and are committed to offering advising and mentorship assistance.”

    Read also: Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    The Need Bitmama Meets 

    Bitmama was established in 2016 by Ruth Iselema for the sole purpose of simplifying the process of buying and selling cryptocurrencies for anyone anywhere on the African continent. The project began as a WhatsApp community for peer-to-peer cryptocurrency transactions and has since developed into a Web3 platform with a full suite of products. 

    These products include a multi-coin digital wallet, peer-to-peer crypto trading, wallet-to-wallet global transfers, remittances with stablecoins, direct currency conversion, on-ramp and off-ramp transactions for traders, asset staking features, and its most iconic crypto debit cards.

    The recent dollar/FX shortages encountered in major African markets and currency devaluation have led to an increased demand for cash to facilitate global purchases, and businesses are looking for alternative payment options for cloud services and digital infrastructure. 

    Bitmama is notable for continuously developing to discuss the pain points of its users, and one of these is the recent dollar/FX shortages encountered in major African markets. 

    As a reaction, Bitmama came up with the idea of crypto cards as a solution to address these difficulties. Crypto cards give customers the ability to store and spend their cryptocurrency in the same manner as a conventional debit card.

    Changera: Innovative Crypto debit cards offered by Bitmama

    Alongside the multi-coin cryptocurrency wallet, Bitmama recently introduced Changera to power cross-border payment services and facilitate the use of virtual and physical cryptocurrency debit cards globally with a monthly spending limit of over $10,000. Changera will also enable the use of crypto debit cards. Bitmama is the first company in Africa to issue cryptocurrency debit cards that are backed by stablecoins. 

    The company combines blockchain payments with lifestyle products to appeal to customers who prefer straightforward user interfaces and less crypto jargon. In countries like Nigeria, where laws prohibit the use of naira cards for international transactions and where existing Web2 payment platforms don’t provide a suitable alternative, the cards have proven to be particularly useful. 

    In Nigeria, the regulations prohibit the use of naira cards for international transactions. As a consequence of this, Bitmama’s cutting-edge innovation has brought about the much-required respite across international borders.

    Changera crypto debit cards have seen amazing success, recording rapid growth from 30,000 to over 100,000 users across Nigeria, Ghana, Kenya, and the diaspora in general. 

    The amount of transactions has also been increasing by more than 100% month-on-month, which demonstrates the appeal of the product despite the fact that there has been very little marketing of it. Crypto debit cards have successfully democratised the use cases of cryptocurrency by allowing users to make day-to-day purchases online using stablecoins. 

    This has advanced blockchain adoption in markets that have been hesitant to adopt the technology. Companies like Bitmama, which are seeking to ease transactions deserve all the assistance available.

  • Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    Adaverse backs Ejara, woman-led DeFi platform to democratize African finance

    Adaverse, a Cardano ecosystem accelerator created as a joint venture between EMURGO Africa and Everest Ventures Group to accelerate Web3 entrepreneurs in Africa, has finalized a strategic investment in Ejara, an investment platform that improves access to financial solutions through blockchain. Adaverse was founded to help African Web3 startups.

    Adaverse has opted to join in a Series A fundraising round alongside other key investors in order to support Ejara’s empowerment drive and expansion into other areas.

    Ejara’s mission is to improve the economic prospects of over 400 million individuals in Sub-Saharan Africa, particularly young people and women who lack access to banking services and are unemployed.

    In order to achieve this goal and aid Africans in recovering control of their wealth, Ejara mixes traditional banking practices with cryptocurrencies.

    Read also: Lagos-based EchoVC launches $8 million “pilot” blockchain seed fund

    “Ejara meets a pressing need across the Francophone region, and we are enthused about the business concept, which we believe can be reproduced across the African continent,” said Vincent Li, founding partner at Adaverse.

    They have demonstrated that they understand the people and have constructed a bridge between crypto and traditional finance, relying on continuity rather than disruption.

    The market is ready for goods that leverage innovation to improve established models, and we believe that Ejara can maintain this momentum to benefit lives through its socially impactful platform.”

    Ejara is a cutting-edge financial organisation that serves the Francophone African community as well as the diaspora in the world of cryptocurrency.

    Their primary goal is to provide financial solutions that allow unrestricted access to a number of investment possibilities, such as fractional shares, commodities, and cryptocurrency, while also allowing secure and quick payment repatriation across international borders.

    Remark from Ejara’s CEO

    Ejara CEO Nelly Chateu-Diop shared, “When France devalued the CFA Franc in 1994, I was growing up in Douala, Cameroon, and I saw firsthand how bad economic instability could be. This experience left a lasting impression on me and motivated me to find a solution for the financial challenges faced by many African families. In 2015, after becoming familiar with blockchain technology, I partnered with my long-time friend and successful entrepreneur, Baptiste Andrieux, to establish Ejara with the goal of empowering Francophone Africans to grow and secure their finances.”

    “We have built the Ejara payment app with the end-user in mind, and our multi-asset platform offers safe investment, asset ownership, and swift payment without borders. The Ejara payment solution provides swift and secure user-to-user transfers powered by Lightning Network to improve transactional services for SMEs and cross-border remittances,” she continued.

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    Details on Ejara and its Engagements

    Ejara is a crypto wallet and savings app that connects to the popular mobile money transfer platform (MoMo). This offers low-cost on/off-ramp transaction gateways. Our investment portfolio includes crypto assets and trading pairs, and we are developing our next app phase to tokenize real-world commodities, government bonds, and equity. Customers can invest in local and worldwide enterprises and receive 5% interest on their funds.

    Ejara is the first to enable crypto investing in CFA through on/off-ramp transactions in local currency with a non-custodial crypto wallet, decreasing the barrier for the unlearned and unbanked without compromising asset protection. Retailers, farmers, small merchants, Entrepreneurs, and students can effortlessly save, invest, buy shares, and make rapid payments with mobile money integration. Most crypto apps require P2P capability. We want Africans to have easy access to diversified investment portfolios and cryptocurrency.

    Ejara has serviced over 33,000 people from Cameroon, the Ivory Coast, Burkina Faso, Mali, Guinea, Senegal, and French-speaking Africans in Europe, Asia, and the US since its 2020 start. When we enter new markets, our savings and investments grow. Diasporan Africans utilise Ejara for fast cross-border and user-to-user payments.

    Ejara wants to be Africa’s financial app and give our fast growing user base more investment options. They prioritise asset security, user privacy, DeFi education for empowerment, and expanding our aspirations to Francophone Africa and beyond. Ejara’s next product development phase will tokenize real-world commodities and shares, and they look on from Cardano Accelerator Adaverse’s advisory and technical support.

  • Adaverse Announces Investment In Digital Nation Afropolitan

    Adaverse Announces Investment In Digital Nation Afropolitan

    Adaverse, a Cardano ecosystem accelerator supported by EMURGO that supports African Web3 development, recently announced its investment in the “Network State” Afropolitan, a Web3-based community for African development. Adaverse joins Hashed, Cultur3, Microtraction, Future Africa, and a number of other well-known backers in Afropolitan’s competitive seed round.

    The startup is a partnership between EMURGO Africa and Everest Ventures. EMURGO Africa is the regional office of EMURGO Middle East & Africa (MEA), a Cardano commercial arm that has invested in more than 20 African businesses this year. Adaverse invests in African companies that are making Web3 products on Cardano’s blockchain platform, which is good for the environment. They do this by giving them money, technical resources, and mentorship. These startups are concentrating on a wide range of Web3 solutions, such as NFTs, gaming, and others.

    Read also: Hibret Bank launches digital payments platform for Ethiopian businesses

    What to know about Afropolitan

    Afropolitan is a bold plan to make a digital nation for Africans and people from Africa who live in other countries. Inspired by the ideas of Internet entrepreneur and crypto philosopher Balaji Srinivasan, Afropolitan wants to build a global network of Africans online before bringing them together in the real world.

    The main goal of Afropolitan is to bring together Black and African talent, culture, capital, knowledge, and experiences for its members all over the world. Afropoliton is still in its early stages, but it is already helping its network of 220,000 people connect, share, and grow as a group. Afropolitans get access to podcasts, seminars, and other methods to network and connect in over 33 countries across the world.

    Afropolitan’s objectives will increase in line with the network. As more of Africa’s 140 million diaspora members join the Afropolitan network, the network state intends to convert to complete decentralized autonomous governance (DAO) via a “super app” that integrates all utilities inside the ecosystem. As the network expands, attempts will be made to legitimize the Afropolitan nation through state-building activities supported by both the internal token economy and external revenue sources.

    Afropolitan will eventually move from being online to having real places by buying land in big cities. As Afropolis obtains more land around the world, these holdings will be linked as “Charter Cities,” each serviced by a digital capital.

    Eche Emole and Chika Uwazie, inventors of Web3, are Afropolitan’s core team. The core worked together to make the manifesto that will guide how the Afropolitan network state grows and moves forward.

    Afropolitan is a bold plan to make a digital nation for Africans and people from Africa who live in other countries. Inspired by the ideas of Internet entrepreneur and crypto philosopher Balaji Srinivasan, Partisan wants to build a global network of Africans online before connecting communities in the real world.

    Afropolitan will eventually move from being online to having real places by buying land in big cities. As Afropolis obtains more land around the world, these holdings will be linked as “Charter Cities,” each serviced by a digital capital.

    However, Africa’s riches are not solely derived from the African continent. A significant diaspora of roughly 350 million people returns approximately $65 billion every year. If this diaspora were regarded as a country, it would have the world’s third-largest population.

    “Through its pan-African, value-driven platform, Afropolitan is helping millions of Africans enhance their boundless potential across the globe.” “The transition to Web3 will expand economic opportunities for Africans and the African diaspora in the flourishing digital economy, and Adaverse is ready to help this scale with tools on Cardano’s environmentally sustainable blockchain,” said Eche Emole, co-founder at Afropolitan.

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    About Adaverse

    Adaverse is a Cardano ecosystem accelerator that was started by EMURGO Africa and Everest Ventures Group to help the next generation of Web3 entrepreneurs from Africa become successful around the world. As an alchemist for organically formed solutions, we help companies on the African continent grow sustainable businesses through finance and a 1:1 coaching program. All year long, African startups with a crypto-native edge and a proven idea can submit a proposal to our accelerator program.