Ivorypay

Ivorypay is a stablecoin payment infrastructure platform built to let African businesses accept cryptocurrency and settle in local fiat currencies. Founded in 2022 by Oluwatobi Ajayi (CEO) and Opeyemi Akinremi (COO), the company started on Solana and has since expanded to a multi-chain architecture while keeping Solana as a supported settlement rail.

The Problem It Addresses

Cross-border payments in Africa are expensive and slow. Foreign exchange restrictions, high banking fees, and fragmented mobile money networks create friction for businesses trying to accept payments from customers outside their country or pay international suppliers. Ivorypay positions itself as the infrastructure layer that replaces those rails with stablecoin settlement: a business receives USDT or USDC from a customer anywhere in the world, and Ivorypay converts and routes the equivalent into the business's local bank account or mobile money wallet.

How It Works

Ivorypay operates as a unified payment API connecting crypto and fiat rails from a single integration point. Inbound flows accept USDT and USDC via blockchain networks, along with bank transfers through dynamic virtual accounts, and support persistent wallet addresses for recurring per-customer deposits. Outbound flows handle both direct crypto transfers to external wallets and fiat disbursements to bank accounts, with automatic crypto-to-fiat conversion applied at settlement.

The API uses secret key authentication and a standardized JSON response structure. Webhook-based event notifications replace polling. The platform provides both sandbox and production environments, and according to its documentation, a developer can reach a working integration in hours.

Key Features

The platform groups its capabilities into four areas:

• Payment gateway: Businesses accept stablecoins via QR codes, checkout integrations, payment links, or payment buttons, with settlement delivered in local currency.
• On/off ramp: Converts between crypto and fiat in either direction, covering inbound customer payments and outbound supplier disbursements.
• Wallet and treasury management: Tools for holding and moving crypto funds before or after conversion.
• Compliance layer: Automated KYC that onboards customers quickly, combined with real-time AML monitoring. The irreversibility of on-chain transactions eliminates chargeback exposure, a meaningful operational advantage in markets with high fraud rates.

Supported Assets and Blockchains

Ivorypay accepts USDT, USDC, Bitcoin, and Ethereum for payment flows, with stablecoins as the primary instrument for business settlements. The platform was originally built on Solana, chosen for its throughput and low per-transaction cost. It now operates across multiple chains. As of June 2026, Ivorypay supports the X402 payment protocol on Base, Ethereum, Polygon, Arbitrum, and Solana.

X402 and Machine-to-Machine Payments

In June 2026, Ivorypay became the first company in Africa to implement the X402 payment protocol, an open standard that enables machine-to-machine stablecoin transactions without human intervention. When an application requests a paid resource, the server returns an HTTP 402 status code with a payment request. The client settles the amount on-chain in stablecoins, and access is granted automatically within seconds.

Support for X402 across Solana and four EVM chains places Ivorypay at an early intersection of AI agent infrastructure and African payment rails.

Traction and Scale

By mid-2026, Ivorypay reported processing over 500 million dollars in total payment volume and serving more than 16,000 merchants across 17 African countries. An earlier milestone from March 2025 had placed the figure at 80 million dollars processed across 8,000 merchants, indicating rapid growth over roughly 15 months.

Investors and Backers

Ivorypay has raised across two funding rounds, with amounts undisclosed. Investors include CV VC, Blockchain Founders Fund, Starkware, Alchemy, and Google. In March 2025, Hedera made a strategic investment in the company, adding a Hedera representative to its board of advisors and incorporating Hedera's distributed ledger technology into the platform.

Fit in the Solana Ecosystem

Solana was Ivorypay's founding blockchain, chosen for its throughput and low per-transaction cost, properties that matter in African markets where payment volumes can be high but margins are thin and users are price-sensitive. While Ivorypay has since become chain-agnostic, Solana remains one of the five blockchains where its full infrastructure, including X402 machine-to-machine settlement, is operational. The platform targets fintech companies, NGOs, and global brands expanding across African markets where stablecoin rails offer practical advantages over correspondent banking.