Cheetah Launches Web3 Payment Network for Intra-Africa Transactions Dec 1, 2023 Dec 1, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 1, 2023 by Kelly Cromley

Cheetah Launches Web3 Payment Network for Intra-Africa Transactions

In a momentous announcement during Abu Dhabi Finance Week, Be Mobile Africa proudly introduces Cheetah, a groundbreaking Web3 intra-Africa payment network accessible at www.gocheetah.io. Utilizing fiat-backed Stablecoins and Automated Market Making (AMM), Cheetah provides a secure, cost-effective, and instant solution for money transfers within the African continent. This innovative blockchain-backed infrastructure, previously housed within Be Mobile Africa, is now emerging as a distinct and independent entity.

 

Tackling Persistent Challenges in Intra-Africa Transactions

Despite Africa being a dynamic market for monetary transactions, challenges persist in the form of expensive, lengthy, and inefficient fund transfers. Millions of individuals regularly send remittances across African borders, facing hurdles such as exorbitant fees and unfavorable foreign exchange rates. On the corporate front, businesses encounter significant obstacles to expansion due to these challenges, particularly amid the flourishing intra-Africa trade.

 

Be Mobile Africa’s Strategic Move

In response to these challenges, Be Mobile Africa strategically separates its blockchain-based payment infrastructure from its other operations. This move aims to broaden access, providing a more efficient, rapid, and cost-effective payment solution for a diverse audience of individuals and companies.

 

Dr. Cédric Jeannot, Co-founder and CEO of Be Mobile Africa, emphasizes the significance of Cheetah and its potential impact on the market. He notes that Be Mobile has engineered an advanced technological solution to facilitate nearly cost-free and real-time payments in Africa. The decision to establish the payment network as an independent entity aligns with Be Mobile’s mission to uplift 100 million people out of poverty by significantly reducing the cost of intra-Africa money movement.

 

Cheetah’s Role in the Web3 Revolution

As an independent entity, Cheetah is positioned to enhance accessibility, driving the cost of intra-Africa money movement close to zero. In embracing the Web3 revolution, Cheetah empowers African businesses to leverage the potential of Decentralized Finance (DeFi), providing access to financial services previously out of reach. Cheetah streamlines payment processes, facilitating swift and cost-effective transactions directly from local African currencies. Moreover, it enables businesses to adopt digital money without the volatility associated with traditional cryptocurrencies. With Cheetah, businesses and their clients can enjoy the advantages of speed, affordability, and security while transacting in their preferred local currencies.

 

In conclusion, the launch of Cheetah marks a significant milestone in advancing Web3 technology for intra-Africa transactions. Be Mobile Africa’s strategic decision to establish Cheetah as an independent entity underscores the commitment to addressing challenges in the African financial landscape, fostering economic growth, and providing inclusive and efficient payment solutions for individuals and businesses alike.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.