Dubai, UAE – July 29, 2024 – Pravica, a leading blockchain infrastructure provider, proudly announces securing a $250,000 grant from the renowned Sui Foundation. This substantial funding will drive Pravica’s mission to revolutionize payment systems and money movement by integrating stablecoin technology with traditional finance.
The Sui Foundation, recognized for its commitment to advancing blockchain technology, has provided this grant to support Pravica’s innovative projects. The funding will be instrumental in enhancing Pravica’s business operations by leveraging stablecoin technology, which offers secure, efficient, and cost-effective payment solutions.
“Our collaboration with the Sui Foundation is a significant milestone for Pravica,” said Mohamed Abdou, CEO of Pravica. “This grant will empower us to integrate stablecoin technology with existing financial systems, bridging the gap between decentralized finance (DeFi) and traditional banking. This integration will enable faster, more secure transactions, benefiting both businesses and consumers.”
Pravica will utilize the grant to build and enhance two groundbreaking products on top of the Sui blockchain:
- S3 (Stablecoin Studio on Sui): S3 is a comprehensive stablecoin infrastructure enabling stablecoin issuers to issue and maintain stablecoins as digital money. S3 handles the issuance, distribution, and management of stablecoins, functioning similarly to traditional banks. It facilitates the relationship between stablecoin issuers and distributors, ensuring smooth and efficient operations.
- Walletify: Walletify is an innovative payment app connected to the S3 infrastructure, designed to be the first of its kind. It allows retail customers to use stablecoins for daily payment activities across a wide network of merchants. Walletify wants to bring the advantages of blockchain technology to routine financial transactions by making local stablecoin (pegged by local currencies) transactions simple and accessible.
The integration of stablecoin technology into traditional financial systems is poised to transform the payments landscape. Stablecoins, known for their price stability, offer a reliable medium of exchange, making them ideal for cross-border payments and remittances. Pravica’s initiative aims to facilitate seamless, low-cost transactions, providing a competitive edge in the global digital economy.
Pravica’s expansion into stablecoin-powered payment solutions aligns with its broader vision of democratizing access to blockchain technology. By offering robust and scalable solutions, Pravica is set to enhance financial inclusion and drive economic growth.
“Pravica’s Stablecoin Studio on Sui removes an immense hurdle for stablecoin issuers and has the potential to transform the world’s payment processing industry,” said Gap Kim, Global Head of Marketing for Sui Foundation. “The innovative solution Pravica has built on Sui provides much-needed financial tooling that will benefit the entire Sui ecosystem.”
Pravica’s strategic move will position the company to gain, retain, and expand its market share in the competitive international digital economy. The company’s efforts are geared towards creating a thriving ecosystem that supports the growth of web3 technologies and enhances the overall financial landscape.
