Blockchain firm Stellar created a new remittance channel between Europe and Africa

Blockchain firm Stellar created a new remittance channel between Europe and Africa 2

The stellar foundation is moving one step more towards the adoption of its platform to bring the advancement in the payment solution in Europe & Africa. 

On 25 October, Flutterwave announced that they will use USDC StableCoins to facilitate cross border payments. They will use the stellar network. 

Flutterwave is a global payment solution firm and is now bringing advancement in its payment solution through blockchain innovation. For this, Flutterwave established a partnership with Tempo Payments. 

Tempo Payments is Paris based money transfer operator and also it is the principal European Union payments partner of Stellar. 

The CEO of Flutterwave, Olugbenga Agboola, explained why this partnership of the firm was a necessary step. According to Agboola, in the present time remittances from sub-Saharan Africa are high-cost matters over world’s other regions of the world. So, now this partnership of Flutterwave with Tempo Payments will not only enable the expansion of the company ecosystem but alsobring all-important, cost-effective money transfer services to African business owners.”

In the past, Flutterwave facilitated more than 140 million transactions totalling $9 billion all over the world. In these transactions, there is the involvement of 290,000 businesses including Uber, and Facebook like companies. 

However, the Flutterwave firm already has engagement in 33 African countries, including Nigeria, Rwanda, Uganda, Kenya and South Africa.

Now, this partnership of Flutterwave with the Steller will create a bigger competition in the payment institutions. In Africa already there are several payment networks available like WorldRemit, Azimo, Transferwise, Payoneer and Xoom. 

Fintech & crypto firms helping adoption 

The recent year’s records clearly show that crypto & blockchain adoption is not limited to a few blockchain tools & use cases of Bitcoin as legal tender & trading. 

Here Ripple & Stellar platforms are showing clearly how the whole world can adopt blockchain technology to bring advancement in the payment system across the whole world. 

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