In a move aimed at promoting cryptocurrency adoption in Nigeria, 100Pay, one of the players in the crypto payments industry, has launched a $200,000 startup fund.
The fund, according to the firm, is targeted at supporting businesses and startups that are integrating crypto payments into their operations, particularly through 100Pay’s PAY Checkout platform.
The announcement was made in a Sunday statement, coinciding with the unveiling of 100Pay’s new 4,000-square-meter headquarters in Port Harcourt.
The firm revealed that some of the startups that already benefited from the fund included Everest Mobility, a ride-sharing platform; Cloudnotte, an edutech firm; and Meedleman, an escrow service provider.
According to 100Pay, its PAY token, which offers users discounted crypto payments, is central to this programme, providing businesses with a seamless way to accept digital currencies straight to their local bank accounts.
The Chief Executive Officer of 100Pay, Brainy Josh, said, “With over 20,000 businesses already onboard, we’re focused on making crypto more accessible for Nigerian businesses.
“Our $200K startup fund is a key part of that vision, giving businesses the tools and support to attract crypto-savvy customers.”
The 100Pay CEO revealed that the company’s infrastructure enabled payment acceptance in over 20 cryptocurrencies.
He also disclosed that 100Pay’s infrastructure drove HXAfrica, a Security and Exchange Commission-licensed housing exchange.