Adaverse, the official Cardano accelerator in Africa and Asia, has made a significant investment in Fonbnk, a DeFi company that revolutionizes FX payments through prepaid airtime in emerging markets. This partnership aims to reshape cross-border payments by integrating the secure and scalable Cardano blockchain into the Fonbnk DeFi platform.. 

Adaverse’s investment in Fonbnk signifies a significant milestone in the mission to promote financial inclusion and expand its global market presence. Vincent Li, the founding partner at Adaverse, commended Fonbnk’s innovative approach and emphasized their potential to drive financial inclusion. The integration of the Cardano blockchain is set to enhance their services in emerging mobile-first economies. Adaverse is excited to support Fonbnk’s transformative mission and foster social and economic growth in Africa and beyond.

Christian Duffus, CEO and Founder at Fonbnk expressed enthusiasm about bringing their innovative solution to the Cardano blockchain and leveraging Adaverse’s network. He highlighted their goal of becoming the preferred payment tool for Cardano developers and onboarding users from the ecosystem. Fonbnk’s innovative on-ramp and off-ramp services, allowing the conversion of prepaid airtime into digital money and facilitating cross-border payments, empower individuals and entrepreneurs, addressing the challenges of financial inclusion in Africa.

Fonbnk’s expansion plans target the vast unbanked population in emerging economies, spanning the global southern hemisphere. With their presence in multiple African countries and future expansion into Central Asia, the Caucasus, Latin America, and Southeast Asia, Fonbnk aims to reach over 5 billion individuals and more than 8 billion prepaid SIM cards. They seek strategic partnerships, integrations, and interoperability with blockchain networks, with plans to integrate Cardano and support Cardano stablecoins. This integration will leverage the extensive network reach of the Cardano ecosystem, enabling Fonbnk to drive financial inclusion across Africa, Asia, and the Middle East.