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Daya taps Stripe-backed Tempo to move stablecoins for African businesses

Sam Adeyemo

The signal

African crypto is splitting in two directions. One set of companies, including Yellow Card, is building only for business payments. Another, including Daya, Roqqu, VALR, Busha and Quidax, is integrating vertically, expanding retail offerings while building business products.

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Sam Adeyemo
X (formerly Twitter)

Sui, the layer-one blockchain protocol, is shifting its African strategy from developer acquisition and community growth to payment infrastructure. Months after Sui partnered with one of Africa's pioneer fintechs Paga as its primary blockchain infrastructure provider, the protocol has now been integrated by Daya. Daya will use Sui as settlement infrastructure to support its offerings around cross-border payments, treasury management and low-cost stablecoin transfers. 

Previously, Sui had doubled down on acquiring developers in Nigeria, Ghana, South Africa and Kenya. Its African activities focused mainly on developer events, talent acquisition, training and community growth. Now, in keeping with the broader market direction, the protocol has dived into partnerships that help it provide payment infrastructure for businesses.  

Daya integrated Tempo last month and Aptos in June, adding another chain to its existing rail for moving stablecoins, and it is seeing some traction. In August, its Pro feature for OTC desks, P2P traders and other crypto professionals processed $6.2m, up from $600,000 in March.

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Oluwaseun Adeyanju

Anchorage Digital, the first federally chartered crypto bank in the U.S., may be preparing to enter Africa. Since June, the company has been advertising for an Africa regional lead for stablecoin solutions, based in South Africa. The role is to sell stablecoin issuance and banking solutions to African banks and enterprises, covering FX settlement, treasury operations and correspondent banking.

This week, a professional who has led growth in Africa at Binance, Bybit, Bitget and Coinbase said on LinkedIn that he had joined Anchorage to scale stablecoin correspondent banking across the continent. The product gives foreign banks a U.S.-regulated account to send and receive dollars as stablecoins, settling in minutes rather than days and without the pre-funded accounts correspondent banking normally requires. He told Mariblock he did not apply for the advertised role and does not know whether it is the same position.

Anchorage has no offices in Africa and has made no announcements.