Telegram Wallet and crypto payment startup Ivorypay, have recently announced a strategic partnership to power crypto payments across Africa. According to a statement by Ivorypay, this partnership is aimed at promoting Peer-to-Peer (P2P) transactions and enhancing liquidity for Telegram Wallet users in key African markets, including Uganda, Kenya, Nigeria, Ghana, and South Africa.

Earlier this year, Telegram, a popular messaging app with 800 million monthly users, partnered with the TON Foundation to develop a self-custodial crypto wallet called TON Space. This wallet seeks to take advantage of Telegram’s popularity among the crypto community and encourage the mass adoption of digital assets globally. In Nigeria, the crypto hub of the continent, 5.45 million people downloaded Telegram in 2022 alone.

The wallet was not built by Telegram itself but is a joint effort with the TON Foundation, highlighting their complicated relationship with blockchain. The TON Foundation, formed after Telegram abandoned its TON blockchain project due to regulatory issues in the United States, supports the development of The Open Network (TON), the blockchain powering various Telegram applications including the self-custodial wallet. TON Space will be available to Telegram users globally without the need for registration and is an extension of the existing custodial version of the Telegram wallet. The wallet is developed by The Open Platform (TOP), which has a team dedicated to wallet development and a venture-building division called TOP Labs. TON Space is part of a growing list of third-party mini apps within Telegram, positioning the messaging platform as a super app with decentralized payment solutions. By integrating with TON Space, developers can create crypto-compatible mini-apps.

Ivorypay is a South Africa-based payment solution that uses crypto to support retail and cross-border transactions across the continent. Earlier this year, Crypto Valley Venture Capital (CV VC), a top crypto VC firm, selected Ivorypay to join its prestigious accelerator programme after it distinguished itself with its innovative online and offline payment solution custom-built for the continent. According to Ivorypay’s website, it is also backed by Google, Alchemy, and Rou Capital. Ivorypay has since established a strong presence in Africa's crypto payment landscape with its innovative fintech solutions, allowing African businesses and individuals to receive money from across the globe. Ivorypay is also set to enter the wallet service market with Mansa, a mobile crypto payment wallet it says will launch before the end of the year.

As part of the partnership, Ivorypay will provide its on/off ramp infrastructure to facilitate seamless crypto-to-fiat and fiat-to-crypto conversions for P2P transactions on Telegram Wallet.

"The partnership with Telegram Wallet is a thrilling development. It not only validates our technology but also aligns with our mission to simplify and democratize digital transactions across Africa,” Oluwatobi Ajayi, CEO of Ivorypay, stated in the statement.

In Africa, where approximately half of the population is unbanked, the introduction of this crypto wallet holds immense potential. It could play a crucial role in bringing digital assets to millions of individuals without access to traditional banking services. By providing a simple and accessible platform for financial transactions, a crypto wallet in Africa can bridge the gap between the unbanked population and the world of digital assets, opening up new possibilities for financial inclusion and empowerment.