Flutterwave is launching stablecoin balances for its merchants and users across all of its operations in an effort to make stablecoins a crucial pillar of Africa's financial ecosystem, serving as the foundation for the next wave of financial transformation and international connectivity.
According to the fintech, this is being accomplished through a partnership with Turnkey, a blockchain infrastructure provider, and Nuvion, an AI-powered global banking and payment platform.
By enabling embedded wallets for merchants, the company provides a comprehensive wallet experience enabling for frictionless transactions with stablecoin payments.
Following successful testing with a select group of merchants to ensure optimal performance, USDC and USDT balances, in addition to existing USD, NGN, and other currency balances, are now available to all Flutterwave customers who have completed the necessary know your customer and onboarding processes, according to the firm.
“To accelerate business growth in Africa, we must make it safe, easy, and affordable for businesses to accept all forms of regulated payment methods, including stablecoin, from a global customer base,” said Nkem Abuah lead, global expansion and payment partnerships rest of world, remittances and stablecoin partnerships, Flutterwave.
“By enabling stablecoin balances powered by Turnkey, we are ensuring that multinationals, African enterprises, and individuals using Flutterwave will have access to low-cost, faster, and always-on cross-border payments with stablecoins,” Nkem added.
Bryce Ferguson, CEO and co-founder of Turnkey, believes Flutterwave has shown the transformative potential of stablecoins in helping people start and grow businesses globally.
“We share Flutterwave’s belief that stablecoins offer an incredibly efficient way to accelerate payments and put more money directly into the hands of business owners rather than intermediaries.”
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