- SFX reached over 2,200 new users in June, marking rapid adoption of its fintech app.
- The milestone follows SFX’s selection for Circle’s inaugural 2025 Developer Grant Program.
- SFX’s success highlights strong demand for seamless, borderless financial services, as it processed nearly $90,000 in payments.
SFX, a relatively new fintech app, has reached a significant milestone by onboarding more than 2,200 users in June. This surge follows its selection as one of the recipients of Circle’s inaugural 2025 Developer Grant Program.
The project aims to provide the easiest way for African residents in Turkey and the Turkish Republic of Northern Cyprus (TRNC), including students, to receive and spend money.
This mission addresses the increasing challenges these residents face with cross-border transactions in the region, offering a practical solution through Circle’s USDC stablecoin.
SFX Wins Circle’s First Developer Grant
In a detailed announcement in June, Circle, the issuer of USDC, revealed that it had chosen SFX alongside 24 other projects for its 2025 Developer Grant Program. These projects span various sectors of Web3, all leveraging USDC to develop real-world blockchain solutions.
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Circle emphasized that the Developer Grant is not just financial support but a “catalyst for bold ideas to shape the future of on-chain finance.”
Building on this vision, SFX is transforming how foreign residents in Turkey and the TRNC manage their finances, from paying tuition and rent to handling everyday expenses. The app enables users to receive funds from 14 African countries, save in USDC, and exchange USDC for cash at over 200 digital exchange points across Turkey and the TRNC.
Expressing gratitude on the social media platform X, SFX celebrated its milestone, stating:
“We are incredibly excited and proud to announce that SFX has been awarded a Circle Developer Grant! This recognition is a significant milestone for us and our mission to revolutionize financial services for foreign residents.”
We are incredibly excited and proud to announce that SFx has been awarded a Circle Developer Grant!
This recognition is a significant milestone for us and our mission to revolutionize financial services for foreign residents.
What is SFx Money App?
The SFx Money app is… pic.twitter.com/D13cFg23kO— sfxmoneyapp (@usesfxmoneyapp) June 25, 2025
Rapid User Growth Amid Strategic Partnership
SFX’s expanding user base reflects its growing appeal among African residents in Turkey and the TRNC. As the crypto market continues to develop in these regions, SFX is strategically positioning itself to capitalize on this momentum.
In a recent post on X, SFX reported onboarding 2,200 new users in June, an impressive leap from just 320 in the preceding months. The company also issued 1,000 Circle USDC wallets on the Polygon blockchain during the same period.
Additionally, SFX sponsored over 500 gasless transactions and processed nearly $90,000 in payments for African international students as of the time of publication.
Speaking to 36crypto on the progress, SFX co-founder Muqaddis Atau Kolawole expressed excitement in the achievement.
He said, “Reaching the 2,000-user milestone isn’t just a number, it’s a testament to the trust our community has placed in SFx and the direction we’re building toward. I’m incredibly proud of how far we’ve come. This growth reflects the real need for borderless, user-first financial solutions in Africa and beyond. We’re only just getting started.”
Meanwhile, the Turkish crypto market has witnessed remarkable growth, with the Turkish Lira (TRY) consistently ranking among the world’s most traded fiat currencies by volume. In 2024, the trading volume between TRY and USD surpassed $22 billion, while TRY-to-crypto volume exceeded $95 billion.
Final Thoughts
SFX’s remarkable progress, underscored by its partnership with Circle and strong user adoption, signals a promising future for inclusive financial services in Turkey and the TRNC.
By addressing the longstanding challenges faced by African residents, SFX is not only driving innovation in cross-border payments but also paving the way for greater financial empowerment in the region.
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