Cryptocurrency company BoundlessPay has raised undisclosed pre-seed funding from the Cardano-focused accelerator Adaverse to continue evolving as a digital asset-based bank.
Adaverse is a result of a collaboration between the Cardano blockchain development entity EMURGO and Hong Kong-based blockchain venture studio Everest Ventures Group. The accelerator, primarily focused on Africa and Asia, provides funding and mentorship to scale Web3 solutions across the globe.
- Adaverse’s investment in BoundlessPay is part of its target to invest in 300 African blockchain startups in three years.
- While the investment amount to BoundlessPay was not disclosed, the accelerator says it offers up to $700,000 in immediate venture funds.
- Adaverse typically requires its portfolio companies to integrate Cardano blockchain products.
- BoundlessPay offers exchange and virtual card services.
- Speaking on the funding, Vincent Li, the founding partner at Adaverse, said:
“We are [...] 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.”
- BoundlessPay CEO Franklin Peters said:
“Partnering with EMURGO Africa and Adaverse ... has opened up the possibility of a new dimension of growth. We plan to create more services that support Cardano native tokens on our app in the future, including launching our native token on the Cardano network.”
- BoundlessPay joins a growing list of beneficiaries of Adaverse’s investment.
- A few other recipients include Afriex, Afropolitan, Bitmama, Canza Finance, Ejara and Stakefair.