Crypto payments start-up Due Network has revealed its plans to expand into Nigeria, one of Africa’s largest crypto markets. In a press conference held on November 14, company executives outlined the innovative solutions Due Network aims to offer to the Nigerian market.
Founded in 2022 and headquartered in London, Due Network recently secured a $3.3 million Seed round to enhance and extend its fiat currency connectivity to additional markets. The fintech startup has a vision to revolutionize international payments using stablecoins and blockchain technology. Its offerings include multi-currency accounts, global transfers/remittances, and merchant acquiring services for both businesses and individuals.
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Due Network Reveals Plans for Nigeria
The team behind Due Network, led by Co-founder/CEO Robert Sargsian and Co-Founder/CTO Alex Popov, boasts global expertise from companies such as Revolut, Uber, Binance, and Bolt. Sargsian emphasized the company’s goal to be a transformative force in the global economy, envisioning a future where money is truly global, permissionless, and inclusive.
Scheduled for launch later this month in Nigeria, Due Network plans to provide cross-border remittances, payment acquiring, and borderless virtual asset accounts for businesses and individuals. Leveraging stablecoins like USDC and USDT, along with blockchain rails such as Ethereum L2s, the platform aims to offer businesses accessible, fast, and cost-effective global payments.
Due Network’s infrastructure, powered by open and interoperable decentralized ledger protocols, will enable Nigerian businesses to utilize the Naira to hold digital US Dollars and Euros in their accounts. This will facilitate seamless fund transfers across Sub-Saharan Africa, the UK, EEA, and the US.
In practical terms, Due Network will empower Nigerian companies to use NGN via NIP for payments to European vendors, who can receive payments in EUR through SEPA instantly, at minimal costs, and with ease through a unified interface.
Robert Sargsian highlighted the inefficiencies in the global payments ecosystem, emphasizing Due Network’s mission to challenge and change the expensive, slow, and difficult nature of cross-border transactions.
A notable feature of Due Network is its provision of direct control to clients over their assets as a decentralized non-custodial platform. This means that clients maintain complete control and custody over their funds without any intermediaries, including Due, having access to client funds.
What Comes Next?
The waitlist for priority access is now open, with the initial Nigeria launch set for later this month. Due Network’s priority corridors include Sub-Saharan Africa, the UK, EEA, and the US, with plans for expansion into Latin America (e.g., Mexico, Brazil) and Asia-Pacific (e.g., Hong Kong, Singapore) in Q1 2024.
Additionally, the company is working on integrating digitized Real World Assets, such as tokenized US Treasuries, to broaden access to yield-bearing assets in more markets.
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