Due Network, a crypto payments startup that provides borderless accounts and cross-border payments through its decentralized non-custodial platform, has expanded its operations to Nigeria to enhance international payments.
The startup announced its launch in Nigeria with a vision to reshape and address the challenges with international payments through stablecoins and blockchain technology.
Due’s decision to enter the Nigerian market aligns with the Network’s mission to democratize access to digital assets and provide a reliable platform for users to navigate the complexities of international payments.
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Powered by open and interoperable decentralized ledger protocols, Due will enable its Nigerian customers to use Naira to add/hold digital US Dollars and Euros in their accounts, which can be used to send/receive funds across Sub-Saharan Africa.
Also, the network provides multi-currency accounts, global transfers/remittances, and merchant acquiring for businesses and individuals.
Speaking on Due’s launch in Nigeria, Co-founder/CEO Robert Sargsian said,
“We want to be a driving force in transforming how the global economy runs. Our vision is a future where money is truly global, permissionless, and inclusive. The global payments ecosystem is riddled with inefficiencies. Receiving funds from overseas, paying international vendors, or even moving intracompany funds across countries is expensive, slow, and hard to access. We are here to challenge that”.
Sargsian added that one of the outstanding features of Due Network is that it offers clients direct control over their assets, being a decentralized non-custodial platform.
This implies that Nigerian customers can maintain complete control and custody over their funds on the Due platform. No intermediaries, not even Due can access the client funds in any way, providing the account holders with direct and unobstructed access without any restrictions or dependencies.
Notably, Due recently announced its $3.3 million Seed round to further develop Due’s technology and expand its fiat currency connectivity to more markets. The network’s waitlist is now live with an initial launch slated for later this month, focused on key corridors connecting Sub-Saharan Africa, the UK, EA, and the US, with expansion into Latin America (e.g. Mexico, Brazil) and Asia-Pacific (e.g. Hong Kong, Singapore) scheduled for Q1 2024.
Established in 2022, Due is a London-based Fintech startup with a vision to reshape international payments through stablecoins and blockchain technology. The company provides multi-currency accounts, global transfers/remittances, and merchant acquiring for businesses and individuals.
With the Due Platform, users can open borderless accounts in a matter of minutes and make/receive payments across 50+ markets using your preferred payment methods.
After onboarding onto Due, users can add money to their account, make and accept payments, send and receive international transfers, and manage all their funds all under one roof at a fraction of the costs of traditional solutions.
By establishing a presence in Nigeria, Due Network aims to contribute to the financial inclusion initiatives within the country, empowering individuals and businesses to overcome traditional banking limitations.