according to the website - By Cointelegraph
a16z leads the ZAR funding round for $12.9 million to attract stablecoins in unbanked Pakistan
Venture capital giant Andreessen Horowitz (a16z) leads the ZAR funding round for $12.9 million, which was launched a year ago and aims to make dollar-backed stablecoins accessible to ordinary consumers in Pakistan and other developing countries.
According to a Bloomberg report published on Tuesday, the round included participants such as Dragonfly Capital, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst. The startup targets 240 million residents of Pakistan, where the World Bank estimates that over 100 million adults are unbanked.
Unlike many crypto companies focused on apps or global exchanges, ZAR plans to distribute stablecoins through local stores, phone kiosks, and payment agents, that is, through the same network used for topping up mobile phone accounts and money transfers.
The company stated that it hopes this approach will help citizens access digital money backed by the dollar without the need to understand blockchain or crypto technologies, according to the report.
Users can enter the participating store, scan a QR code, and exchange cash for stablecoins stored in a mobile wallet linked to a Visa card available worldwide. ZAR launched its platform earlier this year and, according to the company, is already seeing active support in urban centers of Pakistan.
ZAR was founded by Sebastian Scholl and Brandon Timinski, who previously sold their mobile wallet startup SadaPay to the Turkish company Papara in 2024. The company raised a total of 20 million dollars and plans to expand its model to African markets in 2026 if the pilot project in Pakistan proves successful.
The funding comes as part of measures to regulate virtual assets in Pakistan. Earlier this year, the government established the Pakistan Virtual Assets Regulatory Authority (PVARA) — a new body tasked with overseeing the digital assets industry in the country. Last month, Pakistan also opened its doors to international crypto businesses, inviting leading exchanges and virtual asset service providers (VASP) to apply for licenses under the new federal regime.
As reported by Cointelegraph, Pakistan rose to third place in the Chainalysis 2025 Global Cryptocurrency Adoption Index, climbing six positions and becoming one of the fastest-growing cryptocurrency markets in the world.
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