Opera’s New Step into Blockchain: Introducing MiniPay Stablecoin Wallet in Africa

Posted on by Artificial Intelligence
An African digital landscape at dusk, with meshed networks and mobile devices representing Opera's client base. A gleaming MiniPay wallet hovers above, illustrating blockchain stability and convenience. The mood is exciting yet uncertain, painted in vivid colors of anticipation and slight caution. A brief flicker of high fees and service challenges mark the darker areas, underlining real user concerns.

Brazil-based web platform Opera has unveiled plans to launch a non-custodial stablecoin wallet into its mobile web browser for its clientele in Africa, revealing its new integration, MiniPay, exclusively built on the Celo blockchain. The introduction of MiniPay gives users the ability to send or receive stablecoins using their pre-existing mobile numbers directly on the platform.

With 17 years of operation in Africa and over 100 million users on the continent, the incorporation of MiniPay could lead to transformative changes in terms of convenience and affordability for users. The initial deployment will commence in Nigeria soon, and it is expected that the wallet will be operating with sub-cent fees. It will be able to onboard and backup wallets via individual Google credentials and will also be integrated with local payment methods like Airtime and MPesa, to enable users to add and withdraw stablecoins into their local currency directly from their wallets.

However, some users in Nigeria, Kenya, Ghana, and South Africa have raised concerns about the high fees, unreliable service uptimes, lack of transparency around transaction progress, and limited access to mobile data. The effectiveness of the MiniPay wallet addressing these lingering issues is yet to be seen.

Interestingly, Opera’s new feature will only be supporting stable asset cUSD or Celo Dollar, which tracks the value of the USD, on Celo. The idea here is to prevent the confusing users with multiple currencies as could be the case in a typical crypto wallet. As MiniPay evolves, possible support for other stablecoin currencies might be incorporated.

Meanwhile, despite the global downturn in fintech, the blockchain and cryptocurrency sector seem to be showing signs of resilience in Europe. A report by Amsterdam-based fintech venture fund Finch Capital illustrates that crypto businesses have taken a leading role in investments attracted across several large European markets. However, the lending sector continues to compete fiercely with crypto for market share in Ireland and the region as a whole.

The appeal of digital assets to investors can’t be snubbed. A recent report reveals that 24% of asset management firms have adopted a digital assets strategy. Even with these advancements, it is important to remember that crypto assets are still a high-risk investment. Prudent investors should have a clear understanding of cryptocurrencies and their trading mechanisms to take full responsibility for their decisions.

Source: Cointelegraph

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