LINK is a fintech service provider building cross border payments infrastructure for Africa. We are also the issuers of the multi-chain Nigerian Naira stablecoin NGN Coin (NGNC) on the Stellar network with on- and off- ramp capabilities.
Building on stellar with support would give us the opportunity to meet our mission of bridging Africa's internet of value with real world case uses through our products in solving underlying cross border payments problems easily allowing users and businesses to send money cross border at near-instant speeds and at fractions of the cost compared to the traditional remittance system at the real exchange rate, We do this by partnering up with regulated financial institutions and anchors on stellar to provide instant access to local currency via the Stellar DEX.
In operation since
Products & Services
LINK is a different kind of Nigerian Anchor, as an infrastructure first company we are focused on a unique streamlined range of services & features that have the backbone of Stellar network.
Launch and Grow
LINK for Global businesses: We allow businesses accept payments and send payouts globally in one unified platform. Move digital money leveraging traditional payment rails and do business in a more global, scalable and efficient way through hybrid infrastructure. LINK seamlessly connects these worlds.
Get NGNC straight from the source. Send and receive naira digital currency on-chain. All through a single portal for payments.
On & Off Ramp (SEP 24 implementation)
Treasury & Custodial Dashboard
Move NGNC from Stellar across multiple chains
Non Nigerian Businesses and Nigerian business alike small or big, defi based or traditional based now have access not only to possibilities of defi but Local infrastructures to get paid and to pay as well.
We want to bridge Africa’s Internet of value. LINK is that bridge between the world, defi and traditional rails built for global businesses.
LINK P2P platform: Allows users to Send, spend and bank at the real exchange rate with transparent fees across borders
Send and receive money from Nigeria to over 50+ countries across the globe in record time at the exchange rate seen on google with low transparent fees allowing us to be the cheapest solution across the continent (30-50% cheaper than all existing solutions)
Create multi currency accounts that can be loaded with local currencies at the real exchange rate
Create a USD Virtual debit card that can be loaded with local currencies at the real exchange rate
Compare our rates with other providers real-time
Receive money directly through your link tag, bank or in-person.
Powered by the speed, low-cost and anchor interoperability provided on the stellar network with our own stablecoin NGNC and other stablecoin providers on the stellar network. As well as our built-in P2P infrastructure that works on the backend
The LINK P2P platform is the only platform that would be powering payments this way and it's because our vision aligns with what we found on the Stellar network.
NGNC: NGNC for Naira Coin is a multichain stablecoin pegged and redeemable 1:1 in value to the Nigerian Naira, built to power Cross border payments and the future of internet of value for the next billion Africans.
Currently NGNC on- and off- ramps are only implemented on the Stellar Network compliantly with local regulations through Stellars’ SEP24
NGNC represents the only Naira stablecoin that carries the true value of the Nigerian Naira on the Decentralized Exchange as well as the only multi-chain Naira asset,
NGNC currently exists on a stealth protocol on solana and polygon,coming to stellar that would allow global forex interoperability and liquidity powered by LINK’s infrastructure as well. Coming to other exchanges soon
The aim is to build that global tradability of the Naira and equitable access to defi for Africans
WAVY (Vibrant for Nigeria): Wavy is a wallet app developed on Stellar by the team at LINK as one of the line of cross border focused payments platforms. By employing Stellar, Wavy makes it possible for Nigerians (especially low income and middle class working individuals) experiencing inflation to purchase and hold USDC quickly, cheaply, and easily.
Wavy also works like MoonPay for Africa giving local businesses access to digital assets
A USDC wallet that can be loaded with NGNC at the real exchange rate leveraging Stellars’ DEX
A cheaper access to crypto and a yield feature using yUSDC and yXLM on Stellar
Link to platform: https://linkio.africa/wavy (Product design for this is completed, development and launch would happen in Q1 of 2023)
API’s: LINK would provide a suite of API’s for businesses and developers to incorporate our products and services across the ecosystem.
Existing FinTechs and competitors can leverage the fx protocol API to provide better rates for customers
Launch could happen by Q3 this year in batches
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Goal & Budget
In 6 months, we want to hit the following Milestones
1. Launch and scale our P2P product;
Enhancing user performance
Scale up to 50k plus users
Scale monthly transaction volumes by 25% MOM (with initial at 200k)
Expand currency route support through more anchors and protocol integrations.
Launch IOS and Android app
Added multi currency accounts holding
Reduce fees and wait times
Launch physical cards
Add MOMO (Mobile Money) support
2. Launch and expand B2B product;
Grow fully onboarded international businesses to 150+
Scale monthly transaction volumes to an average of $500k-1m MOM
Add virtual debit cards that allow NGNC stablecoin spending
Add more blockchains with support
Grow adoption and use cases (Defi, Cefi, digital assets) with an ecosystem focused approach (wallets, exchanges, platforms, protocols, apps and service providers etc)
Drive grassroot local merchant payment adoption with Stellar NGNC (Tentative). We're intentional about this as we plan to hit the grounds of Alaba, Lagos or Onitsha in Nigeria with the Stellar Network team pushing for this amongst local traders.
Grow trading volumes to 1m USD value on stellar
To have NGNC reach a total supply of 1bn NGN backed by bank deposits.….
Scale our payments, payouts and FX API to over 70+ businesses across Africa.
Launch WAVY (beta) in late Q4
Receive/Start Process for a Payment License
Steps to get there
In order to achieve the above in the next 6 months, We’ve broken down targets in specific KPI’s across the various teams for a period of 20 weeks divided in 3 phases. After each week or after reaching key targets established in the roadmaps we run a full evaluation of the progress made in the week (asides our bi-weekly meetings to help each other) make necessary adjustments . Also to give a more specific insights partnerships with various anchors, service providers, access to funding for liquidity use cases, a payment license in the UK and Nigeria as well.
We will use these evaluations as a form to measure our progress and guidance as we work to meet goals and targets.
Over the last 6 months, our team has worked on building strategic partnerships in order to achieve and deliver the goal mentioned above. Thanks to that work our team is confident that this goal is within reach. With the resources requested below, we believe we can commit to delivering this in 6 months.
Of the $77bn, Nigerian remittance size stands at $25.6bn with markups on the exchange rate still as high as 30-50% - According to stears business “Nigeria is 40% Dollarized” Government can’t meet fx demands
Nigeria also ranks 8th place in crypto adoption with 32% of her respondents as crypto users (2nd place in bitcoin adoption) with expensive or none existing means to conveniently ramp into defi.
Of these numbers over 54% is done informally without track records.
There is so much potential here that LINK needs to tap in to solve and we believe with the mission of the SDF and ours we bring so much to the table to tackling and accomplishing these things.
Our team is comprised of:
3 Engineers (Fullstack, IOS, Frontend, Computer and Software)
1 Project Manager (Operations)
2 Business development sales and partnerships
4 Product Designers (UI,UX)
2 Marketing (Digital inclusive)
We believe that our team is the core of LINK. We are confident that combining this with the great job the SDF has done puts us in a position to do something really impactful. Our products are launching between May/June and we are sure that with the moving parts we have in place we can accomplish this goal and take our product to market successfully.
In Q2 of 2022, LINK won a grant of $15K from DFS and the Stellar Development Bootcamp. These funds helped us build out some parts of our B2B product as well as little runway to build and do a 2nd market validation launch of the LINK P2P in June as well as liquidity for the NGNC Stablecoin, with such little resource we aim to show a snippet of how much we can achieve with the right kind of support and funding, Now LINK is looking for additional resources through the stellar community to help the company be where we want to be by Q4 of 2022.
We used up 42% of our $15k grant to pay salaries for work done thu far, buy equipment, development in the LINK P2P platform to go live in June, an extra 33.3% locked for liquidity to create a market, increase the supply and order books on the stellar DEX as well as liquidity to power the beta launch (market validation launch) of the LINK P2P platform in June, 6.7% used to upgrade security and efficiency of existing backend, Hosting & DNS Servers/Plans and other dev ops related as well as explore the NGNC bridging capabilities, 28.3% locked in for marketing and company running cost.
Budget Requested: $50,000
Marketing/Stratehics Ads: $5,555
In total were looking to fundraise 450K to boost development and are requesting $50,000 from SCF to get started
What that could look like
Backend Upgrades – $5,000
API Development (priority) – $5,000
P2P Product Upgrades (IOS & Android dev. On the way) – $10,000
APP Development (AWS, digital ocean), Internet Hosting service, Security and system backup – $2,000
Research and blockchain development.
LINK personalized development network for company workspace - $2,000
NGNC Token Liquidity: We need this as a criteria with some of our partners to setup up liquidity pools with NGNC and their assets, So creating a market for NGNC/USDC, NGNC/XLM, NGNC/KES, NGNC/EURC and so forth. – $150,000
Salaries; Gives us runway for the next 12 months – $90,000
Running cost – $50,000
Equipments (we’ve managed really low quality laptops to build LINK thus far, some have given up literally) - $25,000
Business development (Travels, meetings, software for strategic leads and reach) – $6,755
MARKETING & STRATEGIC ADS ($50,000)
Progress so far
Partnerships & Users:
On the B2B Product side we’ve been able to have a total of 81 global businesses on the waitlist, with 33 ready for integration and 4 being currently integrated with an estimated MRR of $825k.
Some reputable partnerships we’ve had asides this from the stellar ecosystem includes Pendulum Chain by Satoshipay and a host of others as well.
For the P2P Product, we’ve Got 1262+ users (1000+ on our waiting list who are excited about what we're building, 262 separate users that were fully signed up between the Nov 4th -11th launch)
In talks and partnering up with more anchors on stellar including USD ones as well as 33+ stable currency providers (5 currently in development stage) on other chains for cross border interoperability powered by stable coins. Some of these partnerships have opened up 5 new currency’s pairs on our P2P Platform.
Deal with AZA Finance giving us more local currency Liquidity for payouts
LINK for Global businesses:
On & Off Ramp (SEP 24 implementation) Treasury and custodial dashboard
Built and ready for launch (rounding up tests and all)
NGNC : Stablecoin is up and is tradeable on the Stellar DEX with anchor SEP24 Capabilities, we’ve been able to create the market for it with bit of liquidity gotten from our bootcamp grant prize
LINK P2P Platform for Individuals: With product design completed , we’re using proceeds from our bootcamp grant prize to fully develop this and get it ready by late June for beta testing (Note: we had upgraded what it used to be as at last year based on conversations with early users, new integrations and infrastructure being built on stellar as well)
WAVY: Product design ready, development is TBD
We got $15k in grants as winners and recipients of the just concluded DFS Labs & SDF Bootcamp to build out our on- and off- ramp capabilities as well as our B2B Product.
When test launched LINK P2P between Nov. 4th-11th 2021 before moving to build a scalable infrastructure on Stellar, we had a revenue of $5000
An estimated MRR of $825k is possible by late Q4 - middle Q1 2023 on our B2B Product
Going to markets in:
UK, Nigeria, Turkey, UAE, Kenya, Canada, China, EU countries and the US.
Computer Engineer & Product Designer with 6years of experience, Former CEO FINC Arts and FINC Markets: a brand and design studio, at FINC Markets built algorithms and code for tradingview for large and small scale traders to be profitable on the Forex and Crypto market
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)