Yellow Card, Africa’s top stablecoin platform, has teamed up with digital asset provider Fireblocks to boost cross-border payments.
This partnership aims to make it easier for businesses and individuals to transfer money across borders. By integrating Fireblocks, Yellow Card plans to break down barriers for global corporate treasuries seeking to enter African markets. They will offer secure and efficient on-chain solutions, leveraging Fireblocks’ Wallets-as-a-Service (WaaS) technology.
WaaS allows Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets. This ensures customer assets are safeguarded at scale. Chris Maurice, CEO and co-founder of Yellow Card, expressed excitement about the collaboration.
He emphasized how it will address the challenges of international and pan-African transactions, particularly in stablecoin use cases. The partnership enhances how businesses manage treasury, make payments, and drive innovation across the continent.
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Tackling Cross-Border Payment Challenges
Fireblocks has made it easier to create blockchain-based products and manage digital asset operations. The platform has secured over $6 trillion in digital asset transfers.
Together, Yellow Card and Fireblocks will address issues faced by multinational corporate treasuries. These include regulatory compliance, currency volatility, and outdated banking systems.
Ran Goldi, SVP Payments and Network at Fireblocks, highlighted Africa’s shift from traditional to alternative payment methods.
He noted that while $100 billion in remittances flows into Africa, cross-border payments still suffer from high fees. The partnership with Yellow Card will provide secure, direct custody wallets-as-a-service, benefiting customers across Africa.
Yellow Card, which operates in 20 African countries, is leading the charge in helping organizations manage foreign exchange risks.
By using stablecoins like USDT, USDC, and PYUSD, they assist businesses in managing their treasury and transactions both within Africa and globally.
This partnership marks a significant step forward for both companies as they work to streamline and secure financial operations across the continent.