TBD and the Africa-focused cryptocurrency exchange platform Yellow Card recently partnered to launch a fiat on and off-ramp that enables payments in some 16 African countries through Bitcoin rails. The objective of this arrangement is to make cross-border payments not only more affordable and accessible, but compliant as well.
TBD, a bitcoin developer-focused entity owned by Jack Dorsey’s Block, has joined hands with the crypto exchange platform Yellow Card to launch a platform that enables fiat on and off-ramps and payments in 16 African countries. According to a press release, the objective of this new development is to make cross-border payments more affordable and accessible, as well as to create compliant channels for remittances.
As per the April 12 press release, the Africa-focused crypto platform Yellow Card will be one of TBD’s first partners to make it possible for users to send U.S. dollars or BTC and for recipients to get the local currency equivalent. For recipients living in countries with hyperinflation, the platform can be used as a place to store BTC or stablecoins.
Commenting on his company’s partnership with TBD, Chris Maurice, the co-founder and CEO of Yellow Card, said:
We’re thrilled to work with TBD and the Block team on tbDEX and their global payments initiatives. The international payments space, especially in Africa, is in dire need of the innovative solutions we are building together, and this is the culmination of the vision behind Block’s initial investment in Yellow Card in 2021.
Emily Chiu, the co-founder and COO of TBD, spoke of her organization’s mission of advancing Block’s empowerment via “breaking down the barriers to financial access across the Global South.” Chiu added that Yellow Card’s focus on Africa makes it the ideal partner to help TBD achieve its objectives.
Register your email here to get a weekly update on African news sent to your inbox:
