African payments company Flutterwave is set to launch USD Coin (USDC) payment settlement in partnership with Hedera blockchain. This development was made public at the Africa Money and DeFi Summit West Africa in Accra, Ghana.
Be smart: The USD Coin (UDSC) is a stablecoin pegged to the United States dollar. USDC is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle.
- According to reports, Iyembi Nkanza, the Vice President of Flutterwave Strategic Growth, during his speech titled “Enhancing Merchant Settlement Through Flutterwave on Hedera,” highlighted the company’s approach to merchant settlements.
- Flutterwave claims the partnership addresses common challenges in the financial industry, such as slow settlement times and high transaction costs.
- Peter Schroeder, director of Circle, the company responsible for issuing the USDC stablecoin, confirmed the collaboration on Twitter.
- The specific details of the partnership are yet to be disclosed.
- Mariblock contacted Flutterwave with questions on the partnership, but they did not respond.
- In October 2021, Flutterwave and Stellar Development Foundation partnered to launch two new remittance corridors between Europe and Africa on the Stellar network.
- According to the company, the aim was to provide cost-effective money transfer services to African business owners and improve financial access.
- This partnership comes after Flutterwave reached a valuation of $3 billion in 2022, making it the highest-valued African startup covering sub-Saharan Africa and Northeast Africa.