Payments platform Fuse integrates ChromePay to bring DID services to Africa

Published at: Sept. 20, 2022

Web3 payments platform Fuse has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa — a move designed to boost financial inclusion on the continent.

The partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution. As part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its decentralized finance (DeFi) and DID services directly on the blockchain.

By integrating with the Fuse blockchain, ChromePay will reportedly enable users to access both traditional and blockchain-based payments directly from their mobile devices.

Related: Identity and the Metaverse: Decentralized control

Founded in 2019, ChromePay launched its payment solutions app in Nigeria in 2021 following a successful pilot. The company’s next milestone is the launch of its Fuse-powered DID in Ethiopia, a country that has made notable strides in its crypto adoption.

Crypto is booming in Africa! A new report reveals venture funding for African cryptocurrency startups grew 11x in 2022. (Reporting via @ezrareguerra) https://t.co/aJwcPQSr9V

— Cointelegraph (@Cointelegraph) May 23, 2022

As Cointelegraph explains, decentralized identity is an emerging concept within Web3 that enables trusted data exchange. In practice, DIDs allow users to manage and administer their digital identity without reliance on a centralized third party.

Africa has become a hotbed for crypto and blockchain activity, with significant populations in Kenya, Nigeria and South Africa turning to digital assets for access to financial services. This trend was identified by the United Nations in a June 2022 policy brief, which described the “unprecedented pace” of crypto adoption during the pandemic.

Tags
Business
Web3
Africa
Identity
Related Posts
New $250M TONcoin Fund targets DEX and NFT tools on TON blockchain
The TON Foundation, an organization building on the Telegram-initiated blockchain project, The Open Network (TON), has chosen the TONcoin Fund as its official ecosystem fund. The TONcoin Fund announced on Monday the launch of an ecosystem fund focusing on supporting TON-based projects, securing an initial collective commitment of up to $250 million from major firms within the industry. The fund has earned the title of the TON Foundation’s official incubation partner, meaning that they will support the fund’s portfolio investments. The fund’s contributors included firms like Huobi Incubator, Kucoin Ventures, MEXC Pioneer Fund, 3Commas Capital, the blockchain startup Orbs, TON …
Adoption / April 11, 2022
Paxful Launches Bitcoin Fundraising Campaign to Combat COVID-19 in Africa
Peer-to-peer (P2P) cryptocurrency marketplace Paxful announced on May 4 the expansion of its #BuiltWithBitcoin charitable initiative in Africa with the launch of the “Africa Fund.” The fund will use Bitcoin (BTC) donations to purchase essential resources for the fight against the coronavirus pandemic. According to the announcement, COVID-19 cases are increasing in Africa “at exponential rates.” Fundraising aims to acquire Personal Protective Equipment (PPE), food packs, and provide high-risk individuals with groceries and handwashing stations. Paxful will start the fund with $15,000 and match any additional donations submitted up to $15,000 in BTC. Speaking to Cointelegraph, Paxful CEO Ray Youseff …
Bitcoin / May 4, 2020
Canadian Teen Charged for $50 Million Cryptocurrency Theft
An eighteen-year-old from Montreal is facing four criminal charges connected to a $50 million SIM-swapping scam targeting cryptocurrency holders, Infosecurity Magazine reported on Jan. 17. The hacker, Samy Bensaci, is accused by Canadian authorities of being part of a ring that stole millions of dollars in cryptocurrency from American and Canadian holders. The theft is said to have occurred in spring of 2018, with Québec police representative Hugo Fournier saying that the hackers were responsible for the theft of "$50 million from our neighbors to the south and $300,000 in Canada." Among the purported victims were Don and Alex Tapscott, …
Business / Jan. 20, 2020
Polygon raises $450M in Sequoia-led funding round
Layer-2 scaling solution Polygon has raised $450 million in a funding round that was backed by some of blockchain’s biggest venture funds — offering further evidence that major investors are looking to support the future of Web3 development. The investment round was led by Sequoia Capital India with participation from more than 40 venture capital funds, including SoftBank Vision Fund 2, Galaxy Digital, Tiger Global and Republic Capital. Billionaire investor Kevin O’Leary also participated in the raise. Polygon will use the funding to expand its scaling solutions, which includes Polygon PoS, Polygon Edge and Polygon Avail, and support mainstream adoption …
Business / Feb. 7, 2022
Web3 communication app goes after Twitter with $12.5M seed funding
Developers of one of the earliest Android-based mobile browsers are working to bring online communication to the next level by introducing it to Web3. Sending Labs, a new startup focused on decentralized communications protocol, has secured $12.5M in seed funding to launch the Web3 communications stack. The new platform takes on the mission of building accessible and secure infrastructures for Web3 communication for developers and the community, applying end-to-end decentralization of core of its products. With the new offering, Sending Labs aims to enable privacy-preserving communications and guarantee ownership and transfer of digital assets within community chats. The seed funding …
Decentralization / Feb. 16, 2023