Visa relies on HoneyCoin to link traditional and stable payments
HoneyCoin, a pan-African Fintech payment orchestration, raises $4.5 million from Visa and weight investors to build a unified infrastructure between banking rail and blockchain. Its objective is to fluidize global payments by integrating stable currencies and currencies.
FACTS
Visa participated in a $4.5 million fundraising event for HoneyCoin, a payment orchestration platform founded in 2020 by David Nandwa.
The round table, led by Flourish Ventures, brings together TLcom Capital, Stellar Development Foundation, Lava, Musha Ventures, 4DX Ventures and Antler.
Based on APIs, the solution allows companies to collect payments, pay them in real time via stablecoins or fiduciary currencies, and create bank accounts, debit cards or wallets in 45+ markets.
HoneyCoin deals $150 million in monthly transactions, with over 350 business customers (such as Cedar Money, TerraPay, Jiji) and hundreds of thousands of consumers via its Peer app.
Approved in the United States, Canada, the EU and Africa, it is integrated into MoneyGram, UBA Bank and Stripe to connect local and international payments.
ISSUES
Universal gateway HoneyCoin seeks to provide a unique and consistent point of access to traditional banking stables and rails, thus optimizing costs and settlement times for businesses.
Strategic partnership with Visa Visa's involvement in its financial support should help accelerate access to stable rails, in the continuity of Visa's USDC initiatives on Ethereum and Solana, strengthening the credibility and adoption of payments based on stablecoins.
Overall expansion : HoneyCoin's new fundraiser must help it expand licensing, compliance and presence in emerging markets with low banking infrastructure, particularly in Africa, Latin America and Asia, to provide accessible and efficient payment solutions.
API-first HoneyCoin focuses on simplicity by providing payment service providers (PSP) and fintechs with solutions ready to integrate, facilitating the adoption and integration of stablecoins based payment technologies.
PERSPECTIVE
HoneyCoin aspires to become the "money exploitation system", unifying traditional stablecoins and banking rails to provide a modern and interoperable financial infrastructure.
Visa's entry as an investor strengthens HoneyCoin's credibility and supports the development of the programmable settlement, thus facilitating adoption by traditional financial sector actors.
Success will depend on the adoption by traditional actors, to demonstrate a clear advantage over actors already installed such as Circle or Ripple that comes from recently strengthen its offer of stablecoin with the acquisition of Rail.
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