Crypto payments startup Due Network is expanding into Nigeria,
Nigeria is Africa’s largest crypto market. On November 14, officials discussed Due Network’s Nigerian solutions at a press conference.
Due Network, a fintech startup with its headquarters in London and founded in 2022, recently revealed the completion of a $3.3 million seed round to advance the development of its fiat currency connectivity into new markets.
Due Network offers multi-currency accounts, global transfers/remittances, and merchant acquiring for businesses and individuals. They aim to change how foreign payments are made using stablecoins and blockchain technology.
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What the Due Network plans to do in Nigeria
Robert Sargsian, co-founder and CEO, and Alex Popov, co-founder and chief technology officer, are joined by a team of people from London, Lagos, Munich, New York, Sofia, and Mexico City. The team has worked for well-known companies like Uber, Revolut, Binance, and Bolt.
Sargsian says that the team wants to be a significant force in changing how the world economy works:
“We see a future where money is truly global, open to everyone, and doesn’t need permission to move.”
The Nigerian launch is set for later this month. Due Network will offer companies and people in Nigeria cross-border money transfers, payment acceptance, and borderless virtual asset accounts. The platform will use stablecoins (like USDC and USDT) and blockchain lines (like Ethereum L2s) to make global payments easy, quick, and cheap for businesses.
Nigerian businesses can use Naira to add and keep digital US Dollars and Euros in their accounts thanks to Due Network’s open and interoperable decentralised ledger protocols. You can then use this to send and receive money in and out of Sub-Saharan Africa, the UK, the EEA, and the US.
Nigeria can pay its European vendor using NGN via NIP via Due Network. SEPA lets vendors receive EUR payments instantly, cheaply, and with a few clicks from one tool.
Robert Sargsian claims, “Global payments are inefficient. Transferring money between companies and abroad is expensive, time-consuming, and complex. We’ll challenge and alter.”
A decentralized non-custodial network, Due Network allows clients direct control over their money, says Robert Sargsian.
On the site, clients have complete control over their funds. Neither Due nor any other intermediaries can access client funds, giving account holders immediate and unrestricted access, according to the CEO.
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Then what?
Waitlists for priority access are open, and Nigeria will launch later this month. The main routes are Sub-Saharan Africa, the UK, EEA, and the US, with Latin America (Mexico, Brazil) and Asia-Pacific (Hong Kong, Singapore) expanding in Q1 2024.
To give more markets access to yield-bearing assets, Due Network is purportedly integrating tokenised US Treasuries.