On Tuesday, Ghanaian fintech startup Hurupay launched the first stablecoin-based virtual U.S. dollar accounts for freelancers and remote workers in Africa.
This creative approach addresses currency volatility by allowing users to transact with stablecoins, which are cryptocurrencies that are 1:1 correlated with the U.S. dollar.
Its new virtual U.S. dollar accounts let freelancers, distant workers, and enterprises receive dollar-denominated payments safely and quickly without hidden costs and withdraw funds to crypto exchanges with worldwide reach.
“We are already available in over 40 countries, including Nigeria, Ghana, South Africa, Tanzania, Philippines and the United States (US),” said CEO Philip Mburu.
Hurupay offers free virtual USD accounts for global citizens
Hurupay provides a virtual USD account, allowing non-U.S. residents to receive USD payments. Opening a virtual USD account on Hurupay is free, with no monthly fees.
The account functions like a U.S. bank account, providing an account number and routing number to receive USD payments directly from businesses or individuals. Hurupay supports Same-Day-ACH, ensuring money is credited into the account within hours.
Users can receive money via ACH or Domestic Wire from U.S. banks, PayPal, Venmo, or Stripe, and platforms like Fiverr, Upwork, Deel, Payoneer, YouTube, TikTok, and X (Twitter).
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Hurupay auto-converts USD to USDC
When users receive USD in their Hurupay account, the funds are automatically converted into USDC stablecoin.
From there, users can withdraw to exchanges like Binance, Bybit, or Yellowcard and instantly get USDT. According to Hurupay, blockchain technology secures the funds, ensuring that only the user has access.
Hurupay supports withdrawal methods, including exchanges like Binance, Bybit, and Yellowcard, for instance, USDC or USDT, and direct withdrawals to local banks and mobile money.
To open a Hurupay USD account, users need a government-issued ID, passport, driver’s license, visa, resident permit, or similar document from an eligible country. These countries include Africa, Europe, South America, Asia, North America, and Oceania.