Africa’s leading stablecoin on/off ramp, Yellow Card, is integrating digital asset infrastructure provider Fireblocks into its system. This was announced in a press statement seen by Technext. According to the statement, the crypto company is taking this step to improve cross-border transactions for both businesses and individuals.
By utilizing Fireblocks, Yellow Card seeks to remove obstacles for global corporate treasury, in accessing African markets, by offering secure and effective on-chain solutions. This includes leveraging Fireblocks’ Wallets-as-a-Service (WaaS) which enables Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale and safeguard customer assets.
Speaking about the integration,Co-founder and CEO of Yellow Card, Chris Maurice, said the collaboration would enable both companies to enhance how businesses manage their financials.
“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,” the CEO said.
Yellow Card and Fireblocks want to tackle complex financial challenges
Yellow Card touts itself as the largest and first licensed Stablecoin on/off ramp on the African continent. Operating across 20 countries, the digital assets company provides individuals and businesses of all sizes across Africa with secure, liquid, and cost-effective access to USDT, USDC, and PYUSD via their local currency directly and through its Payments API. Thus, the company helps businesses manage their treasury and related transactions within and beyond the continent.
Fireblocks is an easy-to-use platform with which users can create new blockchain-based products and manage day-to-day digital asset operations. The wallet-as-a-service platform has secured the transfer of over $6 trillion in digital assets.
Together, both companies are looking to tackle the complex challenges faced by multinational corporate treasuries such as regulatory compliance, currency volatility, and inefficient legacy banking systems.
Speaking about their combined goal, Senior Vice President (SVP) for Payments and Network at Fireblocks, Ran Goldi, noted that 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. He pointed out that despite this, cross-border problems are still problematic on the continent.
“Cross-border payments are still encumbered by high costs, with low-value cross-border payments incurring steep fees,” said . “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,” Goldi said.
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.
See also: Yellow Card wins Disruptor of the Year award at the 2023 Africa Financial Industry Summit
The post Yellow Card integrates Fireblocks wallet to improve cross-border transactions first appeared on Technext.
