TBD and Africa-focused cryptocurrency exchange Yellow Card recently partnered to launch a fiat on-ramp and off-ramp that enables payments in some 16 African countries via Bitcoin rails. The goal of this agreement is to make cross-border payments not only more affordable and accessible, but also compatible.
Hedge against inflation with BTC
TBD, a bitcoin developer-focused entity owned by Jack Dorsey’s Block, has teamed up with crypto exchange Yellow Card to launch a platform that enables fiat inputs and outputs and payments in 16 African countries. according to a Press releaseThe goal of this new development is to make cross-border payments more affordable and accessible, as well as create compatible channels for remittances.
According to the April 12 press release, Africa-focused crypto platform Yellow Card will be one of TBD’s first partners to make it possible for users to send US dollars or BTC and for recipients to obtain the equivalent in local currency. For recipients living in countries with hyperinflation, the platform can be used as a place to store BTC or stablecoins.
Commenting on his company’s partnership with TBD, Chris Maurice, Yellow Card co-founder and CEO, said:
We are delighted to be working with TBD and the Block team on tbDEX and their global payments initiatives. The international payments space, especially in Africa, is in dire need of the innovative solutions we are building together, and this is the culmination of the vision behind Block’s initial investment in Yellow Card in 2021.
Emily Chiu, co-founder and COO of TBD, spoke about her organization’s mission to advance Block empowerment through “breaking down barriers to financial access across the Global South.” Chiu added that Yellow Card’s focus on Africa makes it the ideal partner to help TBD achieve its goals.
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