Flutterwave teams up with Hedera for USDC payment settlement integration.
In a groundbreaking move, African payments company Flutterwave has announced a partnership with Hedera blockchain to facilitate USD Coin (USDC) payment settlements. This collaboration was unveiled at the Africa Money and DeFi Summit West Africa in Accra, Ghana.
The specific details of the partnership are yet to be disclosed, but it is clear that Flutterwave aims to leverage Hedera's fast, secure, and sustainable distributed ledger technology to enhance cross-border payment efficiency. This integration is expected to provide a scalable blockchain-based settlement solution for Flutterwave's customers.
At the heart of this partnership is the use of Hedera Hashgraph, a public network known for its speed, security, and low environmental impact. This will enable Flutterwave to settle payments in USDC, a widely adopted stablecoin pegged to the US dollar, seamlessly and reliably.
The collaboration supports broader ambitions in Web3 technology, promoting blockchain adoption and sustainability in the financial sector. By offering USDC payment settlement options, Flutterwave positions itself as a fintech leader integrating blockchain payment settlements, improving transaction transparency, and reducing costs for cross-border payments.
Notably, this is not Flutterwave's first foray into blockchain technology. In October 2021, the company partnered with the Stellar Development Foundation to launch two new remittance corridors between Europe and Africa on the Stellar network.
Peter Schroeder, Director of Circle, confirmed the collaboration between Flutterwave and Circle on Twitter. Centre, the consortium managing USD Coin (USDC), includes members from Bitcoin mining company Bitmain, which is also an investor in Circle. Additionally, Centre was founded by Circle, and it includes members from the cryptocurrency exchange Coinbase.
Flutterwave, valued at $3 billion in 2022 and the highest-valued African startup covering sub-Saharan Africa and Northeast Africa, claims that the partnership addresses common challenges in the financial industry, such as slow settlement times and high transaction costs.
However, when Mariblock contacted Flutterwave with questions on the partnership, they did not respond.
This news marks a significant step forward in the integration of blockchain technology in the African financial sector, potentially revolutionising Web3 payments and sustainability through USDC settlements. More details about the partnership are expected to be revealed in the coming days.
[1] Recent announcements and social media mentions highlight Flutterwave's collaboration with Hedera to revolutionise Web3 payments and sustainability through USDC settlement.
- Flutterwave's partnership with Hedera blockchain targets using USDC for payment settlements, aiming to enhance cross-border efficiency.
- This partnership leverages Hedera Hashgraph, a public network acclaimed for its speed, security, and low environmental impact.
- By offering USDC payment settlement options, Flutterwave positions itself as a fintech leader, integrating blockchain payment settlements and promoting transparency in transactions.
- Notably, Flutterwave has previously partnered with the Stellar Development Foundation for blockchain-based remittance corridors between Europe and Africa.
- The partnership addresses common challenges in the financial industry, such as slow settlement times and high transaction costs, potentially revolutionising Web3 payments and sustainability in Africa.
