Israel’s Fuse teams up with African fintech startup ChromePay to bring Web3-based D.ID & payment services to Africa
In just a few years, Web 3.0 has transformed the cryptocurrency industry and the fintech landscape as it creates new business models and opportunities for everyone, especially in developing countries. Unlike its predecessor, Web 3.0 changes the narrative through its distributed architecture.
Leveraging the power of decentralized finance (DeFi), Web 3 also brings inclusion and gives users more control over their money and seamless access to payments. One of the leading web3 payments platforms is Fuse, an Israeli fintech startup that connects everyday payments to the blockchain without compromising on user experience.
As part of the effort to bring web3-based D.ID & payment services to Africa, Fuse announced today it’s partnering with fintech startup ChromePay to launch a decentralized identity service that will enable millions of African users to participate in the Web3 economy.
ChromePay is a new African fintech startup backed by the Israeli Economic Ministry, Google SDG, and other organizations, chose to start building their Web3 interface on the Fuse Network which will allow them to activate their DiD and payment services for users all over the continent, starting first in Ethiopia.
ChromePay is a cloud-based financial platform that specializes in digital payment solutions for financial institutions and their customers who need them most. Founded by longtime friends Munashe Zanza and Gabriel Saunyama who grew up in Africa and witnessed first-hand the difficulties in attaining access to proper financial services. Due to lack of financial literacy, low-quality formal identification documents, distrust in the financial system, fragile economy, gender inequality, and high transaction costs. The third founder Sumit Hariyani joined the duo and helped develop their dream into a reality – the full-functioning Chromepay platform. To date, ChromePay has received backing from the Israeli Ministry of Economy, Google SDG, and other organizations.
Powered by Fuse, a top 10 blockchain in terms of the number of daily active wallets connecting to its dApps, ChromePay will offer an array of Web3 payment services built on the foundations of a decentralized identity solution. Fuse has also awarded ChromePay a grant to build out its DeFi and D.ID services on the blockchain.
Mark Smargon, CEO of Fuse, said that “ChromePay aligns perfectly with our mission of giving businesses and consumers the freedom to do payments the way they want to. DIDs are an important first step in our relationship. With Fuse’s continued support, ChromePay will lower entry barriers to financial services across Africa, creating thriving, next-generation economies.”
The integration will enable ChromePay users to access both traditional and blockchain-based payments on their mobile devices while paving the way for developers to create a wider range of decentralized financial services via Charge – a developer platform for web3 payments. ChromePay will also create a decentralized marketplace complete with a fiat onramp for users to and from the world of traditional finance.
ChromePay kicked off by launching a successful pilot in Nigeria, having impacted and served over 5000 individuals. Next they will first launch D.ID on Fuse in Ethiopia, a nation that was recently ranked among the top ten in Africa in terms of cryptocurrency adoption with more than 1.8 million people holding Bitcoin, according to a 2022 study by Triple A.
Binance founder Changpeng Zhao recently talked about how Africa holds unique promise for cryptocurrency adoption and development, with many countries on the continent providing inadequate banking services to their populations. A high number of people situated in Africa do not have access to a bank account as they lack an official ID required to open one.
Because anyone with a mobile device can access crypto payments, DeFi holds the promise of alleviating these problems to bring Africans closer to financial freedom. ChromePay’s D.ID and Web3 DeFi services will provide users with an unparalleled opportunity to access financial services for the first time, while simultaneously creating innovative new employment and business opportunities.
“Blockchain has much-untapped potential for positively impacting underserved markets. We chose to partner with Fuse because their Blockchain is affordable, consumer-friendly, and we share a common goal to promote financial inclusion,” said Gabriel Saunyama, CEO of ChromePay. “By combining our Digital Identity solution with Fuse’s Charge API we are confident that we will be able to promote the development of the digital economy and create value for the undervalued.”
About Fuse Network
Fuse is a business and consumer-friendly blockchain and ecosystem focused on bringing web3 payments to the mainstream. The platform features an EVM-compatible, high throughput blockchain governed and secured by delegated proof of stake (dPOS), along with business-ready tools and software including onramps, mobile wallets and invoicing solutions to make shipping real-world applications easy.
ChromePay connects financial institutions with financially underserved communities through the provision of a digital identity that acts as a trusted source of verification. Each ID creates a unique digital footprint containing each user’s personal and financial transaction data. With Chromepay’s digital ID, a plethora of barriers is removed enabling financial institutions to perform efficient risk assessments, provide novel financial services, and scale into untapped communities. The goal of digital inclusion cannot be achieved by one organization alone, which is why Chromepay aims to leverage its digital IDs to create a borderless ecosystem of financial services.