South Africa, Liberia and Kenya led Nigeria for total funding. MFS Africa, Valr, Jambo, Ejara all feature in the report.
The firm aims to fund solutions across multiple areas of blockchain use cases.
The fund will back startups building digital payment solutions on the Stellar blockchain.
BoundlessPay joins a growing list of beneficiaries of Adaverse’s investment. Some other recipients include Afriex, Afropolitan, Bitmama, Canza Finance, Ejara and Stakefair.
The company has now raised a total of $57 million, more than any crypto company on the continent has received to date.
The participation of blockchain-focused entities suggests that the fintech company now employs decentralized finance protocols as a source of debt finance.