Adaverse Invests $500,000 in UmrahCash to Transform Pilgrimage Finance
Adaverse, a leading Web3 and blockchain fund in Saudi Arabia, has announced a $500,000 investment in UmrahCash, a fintech startup revolutionizing financial services for pilgrims traveling to the Kingdom. This strategic investment is aimed at addressing the financial challenges millions of pilgrims face, particularly in obtaining Saudi Riyals (SAR) for their religious journeys.
Addressing a Critical Need for Pilgrims
Saudi Arabia annually hosts 14 million migrant workers and 7 million religious visitors, the majority of whom come from emerging markets. Despite the large number of visitors, there is currently no international fintech solution designed specifically to meet their financial needs. Pilgrims often struggle to acquire SAR, often resorting to informal, expensive Hawala networks.
UmrahCash directly addresses this issue by offering a secure, transparent platform for currency exchange. Pilgrims can make payments in their home countries and receive SAR upon arrival in Mecca, Medina, or Jeddah, using the UmrahCash app. This innovative app unifies liquidity providers, agents, and pilgrims, simplifying the currency exchange process and reducing financial burdens.
Blockchain at the Core: Stablecoins for Seamless Transactions
What sets UmrahCash apart is its strategic use of blockchain technology. According to William Phelps, founder and CEO of UmrahCash, the platform leverages stablecoins to facilitate seamless cross-border payments between target markets and Saudi Arabia. “By utilizing stablecoins, we ensure a secure and efficient financial exchange that provides transparency and minimizes risks,” Phelps explained.
This blockchain-enabled infrastructure offers a unique combination of security and transparency, benefiting both pilgrims and regulators. By integrating stablecoins into its financial ecosystem, UmrahCash enhances the efficiency of cross-border transactions while maintaining compliance with local regulatory standards.
Founder’s Vision
William Phelps emphasized UmrahCash’s mission to provide an inclusive financial solution for pilgrims, regardless of their financial background or country of origin. “Our platform simplifies currency exchange while fostering trust and transparency, ultimately enhancing the pilgrimage experience,” said Phelps. He added ” Our mission is to ensure that every pilgrim, regardless of their financial background, has safe and reliable access to their money. UmrahCash is not just another fintech app; it is designed to address the unique needs of pilgrims from developing nations. Our platform caters to individuals with varying levels of financial and technological literacy, ensuring that both the banked and unbanked can participate in pilgrimage without financial stress. Blockchain is the ideal conduit for this and we’re excited to keep developing at the forefront of emerging technology.”
Adaverse’s Commitment to Web3 and Financial Inclusion
Vincent Li, Founding Partner of Adaverse, highlighted the importance of innovation in Saudi Arabia’s fintech landscape. “Our investment in UmrahCash reflects our belief in the power of stablecoins and Web3 technology to provide seamless, secure, and transparent financial services for pilgrims,” Li said. He noted that this partnership is a step toward financial inclusion for millions of religious travelers, offering them an accessible, user-friendly alternative to traditional financial systems.
Future Expansion Plans
UmrahCash has ambitious plans to expand beyond its initial focus on Nigeria, with upcoming launches in West Africa, Pakistan, and Bangladesh. These emerging markets face similar economic challenges, and UmrahCash aims to replicate its success by enhancing financial inclusion for even more pilgrims. The startup’s expansion strategy is built on its established network and blockchain-driven solutions, which are designed to scale across multiple regions.
*News article has been updated at 14:40 UAE time ” a quote from founder”
