- Telegram Wallet and Ivorypay, an African crypto payment startup, unveiled a strategic partnership to dominate the African crypto market.
- IvoryPay uses QR codes, payment links, and checkout buttons to ensure seamless transactions.
- IvoryPay became one of the three African projects to join the CVVC batch 5 accelerator program.
The African crypto market has broken several records over the years. Despite the region’s substantially low technology adoption rate, the industry has gained a massive trading volume over the years. Keep in mind this feat was possible through the efforts of vital markets like Kenya, South Africa, Ghana, Nigeria, Morrocco, and Egypt. In addition, the market is only sustained by a fraction of its total population, showcasing its vast untapped potential. Due to these facts, numerous crypto titans have sought to increase the awareness of digital currency through several methods.
Crypto-titans like Binance, Ethereum, Polygon, Cardano, and Solana have made significant efforts. They have launched crypto events, started educational programs, and built crypto infrastructure such as Bitcoin ATMs. These efforts have played an active role in increasing digital asset adoption throughout the African crypto market. However, crypto payment systems have made the most impact. Providing more accessible means to access and spend cryptocurrency has given many traders a sense of tangibility to the ecosystems.
In recent news, Telegram, a renowned chatting app, has partnered with Ivorypay, an African crypto payment startup, to extend its crypto payment systems throughout the continent. This new milestone will place Telegram’s wallet in a vital conjunction as it targets crucial African crypto marketplaces.
Telegram Wallet Extend’s its reach in Africa
Telegram is a significant chat app with over 800 million monthly active users. For some time now, the chat titan has embarked on a journey to dominate the crypto industry. To achieve this, Afica’s promising future in digital assets became its primary target. After releasing the Telegram Wallet, which provides global access to all merchants, the organization went no look for possible partnerships throughout Africa.
In recent developments, Telegram Wallet and Ivorypay, an African crypto payment startup, unveiled a strategic partnership to dominate the African crypto market. According to the announcement, the partnership aims at fostering Peer-to-Peer transactions and augmenting liquidity for Telegram Wallet users. The partnership targets vital crypto markets like Uganda, Kenya, Nigeria, Ghana, and South Africa. This alliance not only echoes the high rise of technological advancement in the region but signifies transformative development for these regions.
Throughout the year, crypto payment systems have become a rising trend worldwide. Despite many exchanges shutting down their services, many African crypto payment startups. Its seamless and scalable nature has enabled many SMEs to expand their services beyond their borders. Its practical use has allowed crypto payment startups like Flutterwave, Yellowcard, and Bitpay to maintain operations amid the crisis.
Dominating the crypto wallet sphere
The Telegram wallet was a significant milestone for the entire industry. The Social media app is renowned for its fast rise to fame. In addition, entering the crypto wallet sphere further enhanced its reputation. Collaborating with Ivorypay will not only improve the ease and efficiency of P2P transactions for its users but also boost its performance. Under this partnership, Ivorypay will offer its on/off ramp infrastructure to help facilitate P2P transactions on Telegram Wallet. This will ensure seamless crypto-to-fiat and fiat-to-crypto conversion on several African crypt markets.
Oluwatobu Aajyi, CEO of Ivorypay, said, “The partnership with Telegram Wallet is an exhilarating development. It not only stands as an endorsement of our technology but also resonates with our mission to simplify and democratize digital transactions across Africa.“
Telegram Wallet will now enable millions of Africans to use its platform to access the broad spectrum, security, and efficiency of the crypto payment systems.
IvoryPay seeks to dominate the African crypto market.
After the success of Mpesa, Flutterwave, Yellowcard, and Luno, many African crypto payment startups emerged. The acute positive environment of Africa provided the perfect haven to promote and profit from the crypto payment system. The failures of traditional banks, ironically, became the exact reason why many turned to cryptocurrency as a solution.
IvoryPay was also among the many who said this leeway and chose to take advantage of it. Generally, the African crypto payment startup aims to help businesses, merchants, and creators maximize gains through their crypto payment systems. Their innovative systems and goals soon inspired Crypto Valley VC.
The prominent VC firm took the organization under its wings and placed it through its accelerator program. The CVVC batch 5 accelerator comprises innovative projects worldwide, web3 dev training, regenerative finance, gaming infrastructure, no-code tools, marketplaces, and BNPL services. IvoryPay became one of the three African projects through the selection process.
According to their official site, Ivorypay’s innovative online and offline payment solutions enable businesses to transact in several ways. It uses QR codes, payment links, and checkout buttons to ensure seamless transactions. In addition, it provides SMEs and social commerce businesses a digital storefront to showcase and diaspora their products while accepting instant payments.
Oluwatobi Ajayi, CEO of Ivorypay, believes in the web3 vision and assures his organization will utilize different Web3 applications to dominate African crypto markets. Ivorypay generally consists of three components: Ivory payments gateways solution, the NFT storefront, and the IVRY token.
Each company plays a vital role in creating a digital environment that businesses can utilize to expand their capabilities. Its ecosystems accept payment in IVRY tokens and stablecoins, ensuring that companies are not affected by crypto volatility. Its NFT Storefront allows digital creators to monetize and diversify their revenue streams.
To accomplish this feat, they designed their storefront to have pre-defined templates for easy use and integrated a payment system to sell NFTs seamlessly. IVRY token, the native token, is a means of exchange between customers and merchants and also has stake properties to govern and maintain the network.
Oluwatobi once said, “Global businesses have reached a point where the trade barriers should be non-existent and payment solutions should present businesses with multiple options with the end goal of simplifying payment processes and enhancing user experience without the need to break a sweat or empty your pocket in the process.”
Telegram Wallet, a new frontier for social networks.
Crypto payment systems are a rising concept as organizations like MasterCard, Visa, and Paypal have taken active roles in integrating their revolutionary ideas. In addition, the continued rise and use of Social Media platforms have caused ripple effects, redefining how organizations market products.
These factors, accompanied by the rise of e-commerce systems, have set the center stage for crypto-social wallets, allowing social media platforms to launch crypto-payment systems. Telegram and TON Foundation jointly announced their intent to dominate the crypto wallet industry. Its vast network, accompanied by the growing digitalization of the organization, presented a conducive environment to launch a Telegram Wallet.
Kickstarting a Telegram Wallet did not have its downsides. The lack of clear crypto regulations caused the organization to abandon its initial attempt, the Teleram Openn Network Blockchain project. Furthermore, the US SEC filed several lawsuits over its initial coin offering. Fortunately, a group of open-source developers and blockchain enthusiasts subsequently founded the Open Network Foundation, which supported the development of The Open Network(TON).
The Telegram wallet became the brainchild of The Open Platform(TOP). This organization included a wallet development team and a venture-building division, the TOP labs. Both these entities were closed with the TON ecosystem to build and actualize the Telegram Wallet eventually.
In 2022, TON introduced a Telegram wallet bot allowing users to buy and sell crypto within the app. At the time, it only supported Bitcoin and toncoin, its native crypto token. By 2023, the concept of a Tegram Wallet caught the eye of millions as TON officially rolled out its global systems. Mid-year, the TOn foundation announced that Telegram’s official crypto payment system was online, accepting Bitcoin, Tether, and Toncoin. In addition, its fees only aged between 1% to 3% of the total transacting amount.
With the Telegram Wallet and IvoryPay partnering, the African crypto markets will experience a significant overhauling. As Bitcoin gradually regains its value, its only teammate of time, as Africa regains its former glory.