HyperFX has been added to Monierate, bringing the blockchain based foreign exchange settlement platform into a rate comparison network tracking more than 90 providers across Nigeria’s increasingly digital FX market.
Developed by blockchain infrastructure company Polytope Labs, HyperFX focuses on FX settlement using stablecoin based infrastructure, while Monierate aggregates exchange rates from different providers to give users and businesses a broader view of currency pricing.
The addition comes as Nigeria’s FX market becomes increasingly fragmented across banks, fintech platforms, cryptocurrency exchanges, peer to peer markets and other digital providers.
HyperFX Enters the Rate Comparison Layer
HyperFX is designed primarily for businesses and fintech companies rather than retail users. Its infrastructure uses stablecoins for currency swaps, with the naira settlement leg using cNGN, a naira backed stablecoin.
By being listed on Monierate, HyperFX now appears alongside other providers whose rates can be compared through the platform.
Monierate, founded in 2023 by Jeremy Ikwuje and Olayinka Omoniyi, said it currently tracks rates from more than 90 providers and exchanges across foreign exchange, stablecoin and digital asset markets.
The development gives the blockchain based settlement platform another route into the broader FX data ecosystem while expanding the range of providers represented on Monierate.
Nigeria’s FX Market Gets More Digital
Nigeria’s currency market has increasingly moved beyond traditional banking channels as fintechs and digital asset platforms develop alternative ways to convert, transfer and settle currencies.
That has also made price discovery more complex.
Different providers can quote different rates at the same time, meaning the cost of converting or transferring money can depend on the platform through which the transaction is conducted.
Monierate is positioning itself as a reference layer for these different prices.
“Markets like Africa don’t lack rates; they lack a single, trustworthy view of them,” Jeremy Ikwuje, co-founder of Monierate, said.
The platform’s value therefore depends not only on the number of providers it tracks, but also on the quality, frequency and relevance of the data available across those providers.
Stablecoins Add Another Layer
HyperFX’s inclusion also highlights the growing role of stablecoin infrastructure in Nigeria’s FX market.
The platform uses blockchain based infrastructure for foreign exchange settlement, with cNGN used on the naira side of its swaps.
This places HyperFX within a wider fintech trend in which stablecoins are being explored as infrastructure for cross border payments and currency settlement.
For businesses handling international transactions, these developments create more options for how currencies can be converted and settled. At the same time, the regulatory treatment of individual products and services remains an important consideration.
Monierate’s listing of HyperFX does not amount to an endorsement of the platform. Instead, it adds HyperFX’s available rates to the data displayed alongside those of other providers.
The Bigger FX Market Shift
The significance of the development extends beyond the addition of one provider to a comparison platform.
It reflects the growing number of digital financial platforms participating in Nigeria’s currency market and the emergence of tools designed to make their pricing easier to compare.
As more fintech and blockchain companies build alternative FX infrastructure, access to reliable and comparable pricing is becoming an increasingly important part of the market.
For Monierate, adding HyperFX expands the range of FX infrastructure represented on its platform.
For HyperFX, the listing puts its blockchain based settlement model within a wider market view, where its rates can be observed alongside those of banks, fintechs, exchanges and other providers.
The development points to an FX market that is becoming less dependent on a single channel for price discovery and increasingly shaped by a growing network of digital financial platforms.
Techmoni Africa tracks the Fintech, Web3, and Forex stories defining Nigeria, Kenya, and Ghana. We also run press distribution for Fintech and crypto brands across Africa. Have a story that deserves attention? Reach our editorial team at info@techmoniafrica.com
