Stax, an African fintech app, received $500,000 from the Stellar Development Foundation's Matching Fund to build a non-custodial USDC wallet on Stellar, enabling offline payments via USSD for users with limited mobile data.
Stax, developed by Hover Developer Services, has secured $500,000 from the Stellar Development Foundation's Matching Fund to expand its universal money app with a non-custodial USDC wallet on the Stellar blockchain. The app currently serves 100+ bank and mobile wallet services across 10 African countries using USSD automation to enable payments without mobile data. By integrating USDC on Stellar, Stax aims to provide African users secure dollar storage, access to global investment opportunities, and borderless commerce capabilities. The company plans to launch the USDC wallet by end of 2022 and evolve into a multi-asset web3 wallet by end of 2023. This funding follows Stax's participation in SDF's blockchain bootcamp in 2021 and a $2.2M seed extension round from multiple venture firms.
