As an analyst with extensive experience in the digital asset sector, I find this partnership between Fireblocks and Yellow Card to be a game-changer for cross-border transactions across Africa. With my background in fintech and a keen interest in emerging markets, it’s clear that this collaboration will address longstanding challenges faced by multinational companies looking to expand on the continent.
Fireblocks, a prominent digital asset infrastructure supplier, has declared its backing for Yellow Card, a well-known stablecoin on/off ramp in Africa. This partnership intends to simplify cross-border cryptocurrency transactions across the continent. The news was unveiled on X, with the company disclosing its ambitious target of reaching 14 million wallets via its Wallet-as-a-Service model.
Through this partnership, Fireblocks will empower Yellow Card to leverage its advanced digital asset infrastructure for smooth stablecoin transactions across Africa. The goal is to tackle the issues faced by international corporations when expanding into Africa, providing them with dependable and secure methods for utilizing on-chain services.
According to a recent blog post from Fireblocks, this partnership allows for utilizing Fireblocks’ WaaS Multi-Party Computation (MPC) service, capable of creating, managing, and safeguarding up to 14 million digital wallets. This technology offers a more shallow level of protection for user assets while simultaneously simplifying transactions. This advancement represents a significant step forward for Yellow Card and Fireblocks in their mission to improve cross-border cryptocurrency transactions.
Fireblocks and Yellow Card to Improve Cross-Border Transactions in 20 African Countries
Ran Goldi serves as the Senior Vice President for Payments and Network at Fireblocks. He pointed out that Africa has seen a move away from traditional payment systems towards alternative ones, spurred by technology, resulting in approximately $100 billion being remitted into the continent annually. However, cross-border transactions often carry significant fees, especially for smaller transactions. Goldi also showed excitement about collaborating with Yellow Card to provide secure digital asset services.
Chris Maurice, as both the CEO and co-founder of Yellow Card, expressed his excitement about their new partnership with Fireblocks. He emphasized that this collaboration aims to develop practical uses for stablecoins. This strategic alliance is expected to address the inefficiencies in international transactions and enhance business treasury management in Africa.
Yellow Card is active in 20 African countries and plays a significant role in assisting organizations in managing their FX risk through the use of stablecoins such as USDT, USDC, and PYUSD. The partnership with Fireblocks is expected to revolutionize financial operations within and across borders in Africa.
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2024-08-25 00:24