Lisk and Kotani Pay Partner to Enhance Crypto-to-Fiat Conversion in Africa

In a significant move for blockchain technology in Africa, Lisk, a Layer 2 blockchain platform, has announced a partnership with Kotani Pay, a payment platform specializing in connecting African users with stablecoins. This collaboration is set to streamline the process of converting cryptocurrencies to fiat currencies for projects and individuals using the Lisk protocol in Africa.

The integration allows users to exchange stablecoins like USDT and USDC directly for local currencies, which can then be deposited into mobile money wallets. This development is particularly crucial given that stablecoins account for approximately 43% of the total transaction volume in Sub-Saharan Africa, according to a recent Chainalysis report.

Dominic Schwenter, COO of Lisk, emphasized the importance of robust on and off-ramps for crypto adoption in emerging markets, stating that this partnership will enhance their innovation in the region. The collaboration positions Lisk as a prominent Real World Asset (RWA) chain for African projects, providing access to scale into different markets across over eight African countries.

Felix Macharia, CEO of Kotani Pay, highlighted that this integration goes beyond providing access to Web3 assets. It aims to empower entrepreneurs and developers building Web3 products that drive economic growth across the continent. The partnership offers dApps, DeFi platforms, and exchanges a seamless solution for on-ramping and off-ramping, potentially unlocking real value in underserved markets.

This integration is expected to facilitate faster and more efficient fiat on- and off-ramping, addressing a critical challenge for developers building on the Lisk protocol. It aligns with Lisk's recent initiatives in Africa, including a partnership with CV Labs to launch a blockchain incubator program supporting African entrepreneurs.

The collaboration between Lisk and Kotani Pay represents a significant step towards bridging the gap between blockchain technology and traditional financial systems in Africa. By simplifying the process of converting between cryptocurrencies and local currencies, this partnership could accelerate the adoption of blockchain solutions and contribute to greater financial inclusion in the region.