Afriex, a fintech company, has raised $10 million in a Series A round of funding to build its blockchain money transfer network.
The $60 million startup operates a money transfer system that uses blockchain technology to allow users to exchange funds by turning them into stablecoins, which are cryptocurrencies backed by reserve assets.
This approach makes the transaction free and faster than Wise, which has a 6.45 percent fee and can take several days to process.
Last May, Tope Alabi and John Obirije’s startup, which was launched in 2019, raised $1.3 million in a seed round. Sequoia Capital China and Dragonfly Capital led the current round of fundraising, which also included Goldentree, Stellar Foundation, and Exceptional Capital.
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