African Accelerator, Adaverse, invests in Nigeria’s BoundlessPay to Scale Cross-...

Pick n Pay, one of South Africa’s biggest supermarket chains, is now accepting bitcoin payments in all its stores following an announcement by technology provider, CryptoConvert.

Good news, everyone! CryptoQR is now active at all Pick-n-Pay stores across South Africa, including PnP express and clothing shops! You can also buy Airtime and Electricity, Plane and Bus tickets, and pay your municipal bills with #Bitcoin at the till! pic.twitter.com/3hVhgIJdTb

— CryptoQR (@CryptoConverted) February 1, 2023

In November 2022, as reported by BitKE, Pick n Pay made headlines when it begun a pilot program for Bitcoin payments in selected branches across South Africa.

In a statement, the retail chain indicated that it became the first major retailer in Africa to test the Bitcoin Lightning Network payments at their points of sale by integrating the CryptoConvert Lightning Payments API.

Also participating in the system is Electrum, a payment platform which connects CryptoConvert and Pick n Pay, letting customers pay with the Bitcoin Lightning technology at the till point.

According to Pick n Pay, the declaration of cryptocurrency as a financial product by the Financial Sector Conduct Authority (FSCA) opens the door for the widespread adoption of cryptocurrency as a payment method.

Pick n Pay said:

“While for many years crypto was something for specialists on their computers, or used by early adopters trying it out, things are changing… Increasingly, cryptocurrency is being used by those under-served by traditional banking systems, or by those wanting to pay and exchange money in a cheaper and really convenient way.” 

The news was confirmed by CryptoConvert founder, Carel van Wyk, who happens to have co – founded one of the leading crypto exchanges in South Africa, Luno.

You can now pay with #Bitcoin #Lightning directly at the till at all Pick n Pay outlets at over 1500 locations in South Africa. Ask for the "Contactless QR" payment option and use the CryptoQR QR scanner app with your favourite Lightning wallet. https://t.co/RlFoPGWVxO

— Carel Cat (@carelvwyk) February 1, 2023

“Ask for the ‘Contactless QR’ payment option and use the CryptoQR QR scanner app with your favorite Lightning wallet,” Van Wyk told local outlet, Mybroadband.

The Lightning Network is a secondary part of the Bitcoin system, often termed a second layer. While the primary layer is slow, built for security and size rather than speed, Lightning has its own set of rules separate from the main layer 1 blockchain allowing for much faster payments and much lower fees.

To access the service, shoppers need to have a standard Lightning Wallet on their phone that is already set up and funded. Recommended wallets include Muun wallet and BlueWallet, even though the solution was tested with a number of different wallets.

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BoundlessPay, a Nigerian-based digital banking platform simplifying cross-border transactions for Africans and diasporan Africans, has secured an undisclosed seed investment from Adaverse.

Adaverse is excited to join @EmurgoAfrica in a strategic investment to support @BoundlessPay's mission for seamless cross-border transactions in Africa.
CEO @B__Oracle talks about the journey so far and the growth roadmap with #Cardanoblockchain here – https://t.co/2P4uwz2jUA

— Adaverse Accelerator (@Adaverse_Acc) January 30, 2023

Founded in 2021 by CEO, Franklin Peters, the startup utilizes blockchain to solve remittance and payment problems.

According to Peters, BoundlessPay is available as a mobile and web-based platform making it convenient for anyone anywhere to perform operations like sending, receiving, exchanging and swapping currencies.

“By building on Web3 tools, BoundlessPay eliminates cross-border barriers, allowing anyone, anywhere, to access a trusted multi-currency wallet, with value-added services like utility bill payments and currency swaps,” said Peters.

The platform utilizes USD-pegged stablecoins such as USDT and Cardano USDA as a substitute for traditional methods of storing and spending money both locally and globally. Users also have access to virtual USD cards and fiat accounts and can quickly transfer funds in and out of the platform in seconds.

Adaverse, a Cardano-focussed African ecosystem accelerator, has set itself an ambitious target to make investments in 300 blockchain startups across the continent within the next 3 years.

Vincent Li, founding partner at Adaverse stated:

“We are equally excited about BoundlessPay’s capabilities, especially their talented team. We believe that they have what it takes to sustain this momentum by providing a sustainable socially-impactful platform with a drive for excellence. As such, BoundlessPay will benefit greatly from the Adaverse 3-month accelerator program and be able to connect to the global resources within the Cardano community.”

Cardano blockchain is preferred by BoundlessPay due to low transaction fees, adding to the platform’s sustainability, security, and interoperability. It is also said to be maintained by a team of researchers who are committed to continuously enhancing the system through peer-reviewed methods.

BoundlessPay plans to fully utilize and support the Cardano blockchain for its scaling needs. This allows for Cardano-native tokens, particularly Cardano stablecoins, to be listed on the platform.

To increase adoption of Cardano-based tokens among retail investors, traders, and developers, BoundlessPay intends to ramp up marketing efforts in Africa.

Furthermore, the company aims to collaborate with dApps within the Cardano ecosystem to enhance interoperability and promote growth within the ecosystem.

Startups that are African-focused building Web3 solutions can apply for funding and mentorship from Adaverse here.

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