In a move that promises to revolutionize the Islamic pilgrimage experience, Adaverse, a leading Web3 and blockchain fund in Saudi Arabia, has invested $500,000 in UmrahCash, a fintech startup dedicated to making pilgrimage more inclusive.

Addressing a Critical Need

Saudi Arabia hosts a staggering 14 million migrant workers and 7 million religious visitors annually, with 85% of these individuals hailing from emerging markets. However, there is a glaring lack of international fintech solutions to cater to their financial needs. Pilgrims often struggle to obtain Saudi Riyals (SAR), forcing them to rely on informal Hawala networks that charge exorbitant rates.

UmrahCash: A Beacon of Hope

UmrahCash aims to bridge this gap by providing a secure, transparent, and unified platform for currency exchange. The startup's app enables pilgrims to make payments in their home countries and receive SAR upon arrival in the Kingdom. This innovative solution tackles the financial challenges faced by pilgrims, particularly those from emerging markets.

A Shared Vision

William Phelps, founder and CEO of UmrahCash, expressed his vision for the platform, stating, "Our mission is to provide a seamless, secure, and inclusive financial solution for pilgrims. With Adaverse's support and expertise in Web3 technology, we can leverage cutting-edge solutions to ensure that every pilgrim can access the capital they need without the risks and inefficiencies of traditional methods."

Adaverse's Commitment

Vincent Li, Founding Partner of Adaverse, reiterated the fund's commitment to fostering innovative solutions in Saudi Arabia. "Our investment in UmrahCash highlights our belief in the power of stablecoins and Web3 technology to provide seamless, secure, and transparent financial services for pilgrims, enhancing inclusivity and efficiency for millions of travelers."

A Bright Future Ahead

As UmrahCash expands its services beyond Nigeria to West Africa and other emerging markets, it is poised to make a significant impact on the pilgrimage experience. By leveraging its established network and technology principles, the startup plans to replicate its success in these regions, further promoting financial inclusion and enhancing the pilgrimage experience for millions of travelers

Adaverse's investment in UmrahCash marks a significant step forward in the pursuit of a more inclusive and user-friendly pilgrimage experience. As Saudi Arabia continues to innovate in the realm of religious tourism, solutions like UmrahCash represent a beacon of hope for millions of pilgrims worldwide.