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Gluwa and Aella Announce Over 1 Million Transactions across Africa on Blockchain

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by Kofi Ansah · 2 min read
Gluwa and Aella Announce Over 1 Million Transactions across Africa on Blockchain
Photo: Depositphotos

Gluwa first partnered with Aella, which was then a lending platform for unbanked and underbanked individuals in emerging markets, four years ago, but only carried out the integration of their respective wallets in June.

Borderless financial platform Gluwa, after its recent integration of the Gluwa wallet into Aella’s consumer credit app, has recorded over a million transactions on its blockchain across Africa since June. The Aella app serves almost two million customers across Africa and has all transactions on the wallet recorded on the Luniverse Sidechain.

These transactions, including payments, remittances, investments, and other activities that currently occur in the wallet are also transparently added to Gluwa’s custom Luniverse sidechain, which according to the financial platform, has facilitated over a million transactions with over 28 million blocks produced to date.

Tae Oh, founder and Chief Executive Officer of Gluwa, speaking after the announcement expressed his joy at the platform’s latest milestone, stating that to have reached this feat so quickly is enormously satisfying for both the Gluwa team and, also their counterparts at Aella.

“1,000,000 transactions in less than three months is tremendously encouraging, and it highlights the broad benefits of an API integration that allows all transactions conducted through the Aella app,” Oh stated. He added that “The figures also highlight the growing prevalence of stablecoin usage in Africa,” referencing the firm’s own ERC20 token ‘Gluwacoin’, which is pegged 1:1 with fiat currencies.

CEO of Aella, Akin Jones also stated that the company’s commitment to improving financial inclusion for millions of people across the world’s developing markets only gets better with each passing year. “Our partnership with Gluwa, and particularly our recent integration, has undoubtedly made our app more efficient and transparent. We look forward to working with Gluwa for many years to come,” he stated.

Gluwa first partnered with Aella, which was then a lending platform for unbanked and underbanked individuals in emerging markets, four years ago, but only carried out the integration of their respective wallets in June.

Gluwa, earlier this month teamed up with ConsenSys’ ITX, a high throughput transaction relayer service designed to optimize the Ethereum transaction settlement layer. The integration according to the firm was aimed at minimizing dropped transactions and cut transaction costs down to 15%.

Gluwa is a San-Francisco-based borderless financial platform that combines decentralized infrastructure and global investment opportunities to help users better manage their financial affairs. Gluwa’s services include a non-custodial cryptocurrency wallet, an exchange, a high-yield Bond Account, investment products and boasts over 2 million users across the globe.

Blockchain News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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