Yellow Card uses Fireblocks to improve cross-border payments in Africa

By Gloria Methri

Africa’s Yellow Card integrates digital asset infrastructure provider Fireblocks to improve cross-border transactions for businesses and individuals. By leveraging Fireblocks, Yellow Card aims to remove barriers for global corporate treasuries to access African markets by offering secure and effective on-chain solutions.

This includes the use of 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 protect customer assets.

“We are excited to partner with Fireblocks to enable real-world use cases for stablecoins and solve the complex challenges of international and pan-African transactions,” said Chris Maurice, CEO and co-founder of Yellow Card“Together, we are improving the way businesses around the world manage their finances, make payments and drive innovation across Africa.”

Fireblocks is an easy-to-use platform for developing new blockchain-based products and managing everyday digital asset operations. It has secured the transfer of over $6 trillion worth of digital assets. Together, Yellow Card and Fireblocks will address the complex challenges faced by multinational corporate treasuries, such as regulatory compliance, currency volatility, and inefficient legacy banking systems.

“Like the rest of the world, Africa has experienced a transformative shift from traditional payment methods to alternative payment methods, driven by new technologies, with $100 billion worth of remittances (https://apo-opa.co/4dtthwI) flowing into the continent. However, cross-border payments still come with high costs, with low-value cross-border payments attracting high fees,” said Ran Goldi, SVP Payments and Network at Fireblocks“We are excited to partner with Yellow Card to offer them our Direct Custody Wallets-as-a-Service (WaaS), enabling them to secure their customers’ digital assets at scale.”

Present in 20 African countries, Yellow Card is at the forefront of helping organizations manage foreign exchange (FX) risk through stablecoin transactions. Using USDT, USDC and PYUSD, the company helps businesses manage their treasury and related transactions within and outside the continent.