Yellow Card is integrating digital asset infrastructure provider Fireblocks to improve cross-border transactions for both businesses and individuals.
The stablecoin on/off ramp operating in Africa will leverage Fireblocks to remove obstacles for global corporate treasury, in accessing African markets, by offering secure and effective on-chain solutions.
Up to 14 million MPC wallets
Fireblocks’ Wallets-as-a-Service (WaaS) will enable Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale and safeguard customer assets.
The partnership will tackle the complex challenges faced by multinational corporate treasuries such as regulatory compliance, currency volatility, and inefficient legacy banking systems.
Yellow Card, with a presence in 20 African countries, is at the forefront of assisting organizations in handling foreign exchange (FX) risk through stablecoin transactions. By utilizing USDT, USDC, and PYUSD, the company helps businesses manage their treasury and related transactions within and beyond the continent.
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This marks a pivotal moment for both companies as they pave the way for more streamlined and secure financial operations across Africa. With a shared vision of innovation and excellence, Yellow Card and Fireblocks have a common goal of transforming cross-border transactions by introducing new benefits to businesses and the economy through innovation and excellence.
$100 billion worth of remittances flowing into Africa
Chris Maurice, CEO and co-founder of Yellow Card, said: “We’re excited to work with Fireblocks to enable real-world use cases for stablecoins, solving the complex challenges of international and pan-African transactions. Together, we enhance how businesses around the world manage their treasury, make payments, and drive innovation across Africa.”
Ran Goldi, SVP Payments and Network at Fireblocks, said: “Much like the rest of the world, Africa has seen a transformative shift from traditional payment methods to alternative payments, driven by new technologies, with $100 billion worth of remittances flowing into the continent. However, cross-border payments are still encumbered by high costs, with low-value cross-border payments incurring steep fees. We are delighted to be working with Yellow Card to provide our direct custody wallets-as-a-service (WaaS), allowing them to secure their customers’ digital assets at scale.”
