WadzPay, a blockchain-based service provider, has partnered with Societe Miniere D’Investissement (SMI) to tokenize mining assets and promote economic growth in the Republic of Congo. The collaboration, announced on June 4, 2023, aligns WadzPay’s expertise in virtual asset management and blockchain technology with SMI’s focus on mining activities in Africa.

As per the official announcement, WadzPay will deploy a secure technology platform for SMI to tokenize ownership rights and economic value of mining assets. This platform will facilitate the conversion of these assets into virtual tokens on the blockchain.

Additionally, WadzPay will extend management solutions including tokenization, listing, pricing, and advisory services. The company will oversee exchange services for primary and secondary markets, aiming to enable SMI to use its mining assets as collateral for accessing foreign financial markets.

SMI’s CEO, Brice Gatse, emphasized the significance of the partnership in leveraging Africa's natural resources as fundraising collateral. Gatse highlighted that tokenization offers African states the opportunity to overcome investment barriers by using their resources to finance extractive industries for economic development and poverty alleviation.

Anish Jain, the Founder and Group CEO of WadzPay, expressed enthusiasm about the collaboration and the company’s goal to create new financing avenues for the mining sector in the Republic of Congo through blockchain technology.

The synergy between WadzPay and SMI reflects a strategic move towards utilizing tokenization for economic growth and financial access in the mining sector of the Republic of Congo.