Afrigather Kenyan web3 platform Fonbnk has partnered with Tanda to launch a first-of-its-kind airtime buying and selling market throughout Tanda’s community of 40,000 brokers.
Fonbnk is a web3 on-ramp that permits Africans to simply acquire cryptocurrency belongings by exchanging their airtime credit. In the meantime, Tanda claims to be one of many largest unbiased agent and service provider community platforms in East Africa to launch a first-of-its-kind airtime buying and selling market throughout its community of 40,000 brokers.
In keeping with a press release shared with TechCabal, by the partnership, Tanda brokers and distributors throughout East Africa can act as airtime ‘market makers’ and entry new income streams by shopping for and promoting pay as you go airtime for revenue on Fonbnk’s distributed alternate.
“Tanda’s partnership with Fonbnk has the potential to be a game-changer, notably by way of driving consumer progress and monetisation. What’s particularly thrilling about this collaboration is the progressive bridge protocol developed in partnership with Fonbnk, which converts pay as you go airtime to digital {dollars} — a primary within the business. This breakthrough strategy permits DeFi for sensible, real-world functions and may probably remodel the fintech panorama. I’m thrilled to be part of this partnership and stay up for the alternatives it presents for each Tanda and Fonbnk,” mentioned Geoffrey Mulei, Co-Founder & CEO of Tanda.
Fonbnk additionally claims that the collaboration with Tanda marks a big monetary inclusion breakthrough on the continent because it permits tens of 1000’s of shops, brokers, and micro-entrepreneurs to complement their revenue by collaborating within the web3 economic system, no matter their banking standing.
“Image the potential influence of mixing cellular cash platform M-Pesa with decentralised finance automated market maker, Uniswap. That’s precisely the groundbreaking resolution that Fonbnk has developed, and it might have the facility to revolutionise monetary inclusion all through Africa,” mentioned Christian Duffus, Co-Founder & CEO of Fonbnk.
Recent off of its seed extension round —on the again of practically 4000% year-over-year progress of latest wallets with a larger than 300% improve in direct income—Fonbnk claims to be on monitor to generate over $100 million in GMV as a part of its distinctive Web3 on- and off-ramp partnerships throughout all of the main Sub-Saharan African economies.
