Alibaba an e-commerce platform in China similar to Amazon has created its own payment system (Alipay) to provide currency-like services: facilitating transactions, supporting peer-to-peer transfers and paying interest.
Chipper Cash, a fintech platform conceived by Ham Serunjogi and Maijid Moujaled, in 2018 has raised $100 million Series C funding, making it the fifth African startup to achieve unicorn status.
The platform was created to aid payments across countries in Africa and has continued to make strides that have culminated in its unicorn status.
Leading the Series C funding round was an investment company, SVB Capital, a subsidiary of Silicon Valley Bank.
Other participants include Jeff Bezos’ fund firm, Bezos Expeditions, 500 Startups, Ribbit Capital, Deciens Capital, Brue2 Ventures, and Tribe Capital.
Prior to this funding round, Chipper Cash had, in June 2020, raised $13.8 million Series A led by Deciens Capital, and other participatory investors, and in November 2020, it raised $30 million Series B led by Ribbit Capital and Bezos Expeditions.
What You Need to Know
Fed Governor Lael Brainard said a CBDC should not replace currency and bank accounts.
Private money introduces counterparty risk into the payments system, she says.
As other countries experiment with CBDCs, the Fed acknowledges that the U.S. needs to take a leadership role in the space.
The Federal Reserve is stepping up its research on digital currencies amid growing demand for digital payments, Governor Lael Brainard said.
Brainard said three other topics the growing role of digital private money, plans for using digital currency for cross-border payments by foreign central banks, and possible benefits for financial inclusion have sharpened the Fed’s focus on central bank digital currency.
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