Fireblocks, a leading digital asset infrastructure provider, has announced its support for Yellow Card, a prominent stablecoin on/off ramp in Africa. This collaboration aims to streamline cross-border crypto transactions across the continent. Announced on X, the company revealed its ambitious goal of expanding to 14 million wallets through its Wallet-as-a-Service.
Fireblocks will enable Yellow Card to benefit from its enhanced digital asset architecture for stablecoin transactions in Africa. This partnership aims to address challenges that multinational companies experience when expanding to Africa by ensuring that they have reliable and secure means of engaging in on-chain services.
As stated in the Fireblocks blog post, this support entails leveraging Fireblocks’ WaaS for MPC offering up to 14M wallets creation, management, and protection. This technology also provides shallower cover for customer assets while at the same time making transactions easier. This development is a great leap forward for Yellow Card and Fireblocks as they seek to enhance cross-border crypto transactions.
Fireblocks and Yellow Card to Improve Cross-Border Transactions in 20 African Countries
Ran Goldi is the Senior Vice President of Payments and Network at Fireblocks. He noted that Africa has experienced a shift from traditional payment methods to alternative payments driven by technology, with $100 billion worth of remittances flowing into the continent. However, cross-border payments often come with high costs, particularly for low-value transactions. Goldi also expressed enthusiasm about working with Yellow Card to offer secure digital asset solutions.
Chris Maurice, the Chief Executive Officer and co-founder of Yellow Card noted the following on the matter. He stated that they are thrilled to partner with Fireblocks to bring real-life applications for stablecoins. This partnership will solve the inefficiencies in international transactions and improve the 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.
