Web 3.0 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 focuses on ChromePay’s decentralized identity service, also known as DID, which the companies say will enable millions of Africans to participate in the Web 3.0 economy. Leveraging the Fuse blockchain, ChromePay will offer users a variety of Web 3.0 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 its decentralized finance (DeFi) and DID services directly on the blockchain network.
By integrating with the Fuse blockchain, ChromePay will allow users to access both traditional and blockchain-based payments directly from their mobile devices.
Founded in 2019, ChromePay launched its payment solutions app in Nigeria in 2021 after a successful pilot program. The company’s next milestone is the launch of its Fuse-powered DID service in Ethiopia, a country that has made notable progress in adopting cryptocurrencies.
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 Web 3.0 that enables trusted data sharing. In practice, DID services allow users to manage and administer their digital identity without depending on a centralized third party.
Africa has become a hotbed of cryptocurrency and blockchain activity, with significant populations in Kenya, Nigeria, and South Africa turning to digital assets to access financial services. This trend was identified by the United Nations in a June 2022 policy brief, which described the “unprecedented pace” of cryptocurrency adoption during the COVID-19 pandemic.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.