Streamlining Africa's cross-border payments

Yellow Card, Africa's leading stablecoin on/off ramp, has announced its integration with Fireblocks, a digital asset infrastructure provider, to enhance cross-border transactions for businesses and individuals

By leveraging Fireblocks, Yellow Card aims to simplify access to African markets for global corporate treasuries, offering secure and efficient on-chain solutions. This partnership includes utilising Fireblocks' Wallets-as-a-Service (WaaS) to enable Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale, ensuring the protection of customer assets.

Digital innovation 

Chris Maurice, CEO and co-founder of Yellow Card, expressed enthusiasm about the collaboration, stated, “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."

Fireblocks, known for its user-friendly platform that facilitates the creation of blockchain-based products and the management of digital asset operations, has secured the transfer of over US$6 trillion in digital assets. The partnership with Yellow Card is set to address the complex challenges faced by multinational corporate treasuries, such as regulatory compliance, currency volatility, and inefficiencies in legacy banking systems.

“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 US$100bn 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,” said Ran Goldi, senior vice-president payments and network at Fireblocks. “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.”

With a presence in 20 African countries, Yellow Card is leading efforts to assist organisations in managing foreign exchange (FX) risk through stablecoin transactions. By utilizing USDT, USDC, and PYUSD, the company supports businesses in handling their treasury and related transactions both within Africa and internationally.

This partnership represents a significant milestone for both companies as they work together to streamline and secure financial operations across Africa. With a shared vision of innovation and excellence, Yellow Card and Fireblocks aim to transform cross-border transactions, offering new benefits to businesses and the broader economy through their innovative approaches.