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African Blockchain Payment Network Zone Raises $8.5 Million in Seed Funding

African Blockchain Payment Network Zone Raises $8.5 Million in Seed Funding

Zone, an African blockchain payment network, recently announced the successful closure of an oversubscribed seed funding round, raising $8.5 million.

Leading the investment were venture capital firms Flourish Ventures and TLcom Capital.

Zone’s Layer-1 Blockchain network provides a platform for direct connectivity between participating institutions, facilitating seamless payment transactions without the need for intermediaries. This infrastructure automates settlement, reconciliation, and dispute management processes.

As Africa’s pioneering regulated blockchain network for payments, Zone has already onboarded more than 15 of the continent’s largest banks and fintech companies.

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CEO and co-founder of Zone, Obi Emetarom, highlighted that the raised funds will support the network’s expansion within domestic markets and foster collaborations with additional banks and financial services providers. A significant portion of the investment will also be allocated towards conducting comprehensive pilot programs aimed at testing Zone’s cross-border capabilities, with plans set for 2025.

Emetarom emphasized the significance of investor confidence amid funding challenges, stating, “The participation of reputable investors and the overwhelming interest we received reflects trust in the Zone brand and excitement among investors to redefine payment infrastructure across Africa.”

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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