Leading VC firms Flourish Ventures and TLcom Capital, the African blockchain payment network Zone has raised $8.5 million in an oversubscribed seed fundraising round.
Leading VC firms Flourish Ventures and TLcom Capital, the African blockchain payment network Zone has raised $8.5 million in an oversubscribed seed fundraising round.
Zone's Layer-1 Blockchain network fully automates settlement, reconciliation, and dispute resolution while enabling member institutions to communicate with one another directly and carry out financial transactions without the need for a middleman.
More than fifteen of Africa's biggest banks and fintech companies have already joined the Nigerian company, which is the continent's first regulated blockchain network for payments.
The new financing, according to Zone's CEO and co-founder Obi Emetarom, would be used to connect more banks and financial services firms and broaden the network's domestic reach. A large amount of the earnings will also go toward carrying out a thorough pilot study that will assess the business's cross-border capabilities by 2025.
He explains that despite the funding drought, the involvement of high-quality investors and the surplus of interested investors indicate a strong trust in the Zone brand and excitement among investors about the opportunity to redefine payment infrastructure in Africa.
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