1. Addressing a Critical Need for Pilgrims
2. Blockchain at the Core: Stablecoins for Seamless Transactions
3. Future Expansion Plans

Adaverse, a leading Web3 and blockchain fund in Saudi Arabia, announced a $500,000 investment in UmrahCash, a fintech startup revolutionizing financial services for pilgrims travelling to the Kingdom.

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 Saudi Riyals (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.

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.

Adaverse and UmrahCash are joining forces to create transparent and secure financial services for pilgrims travelling to Saudi Arabia. This move promises to significantly ease the financial difficulties for millions of religious travelers, offering them an accessible and convenient alternative to traditional financial systems.