Developer platform TBD announces a partnership with Yellow Card to provide global fiat inputs and outputs for bitcoin and stablecoin payments in Africa.
block Determineda Bitcoin-focused development platform, has partnered with Yellow card to unlock a network of fiat on-ramps and Bitcoin payments in 16 African countries. This is intended to make cross-border payments and liquidity exchanges more accessible and affordable, and provide compatible cross-border payments and fiat on-ramps, according to a press release sent to Bitcoin Magazine. Yellow Card will be a launch partner for the Web5 protocol and the tbDEX liquidity network.
Currently, cross-border payments in Africa can incur fees of nearly 10% and take several days to clear using available systems. In March 2023, TBD and Yellow Card successfully conducted a proof of concept for payment gateways from the US to Ghana, Nigeria and Kenya, in real time. Senders can initiate remittances in USD, while recipients can receive local fiat currency into bank accounts or mobile money wallets such as M-PESA and MTN. TBD converts USD into Bitcoin or stablecoins and facilitates exchange between digital assets and local fiat currencies.
Alternatively, recipients can choose to hold their value in Bitcoin or USD stablecoins, which is “particularly valuable if they live in regions affected by local currency volatility or hyperinflation,” the press release describes. TBD’s next goal is to establish decentralized identity, trust, and transaction protocols that enable the ubiquity of decentralized and trusted exchanges.
Yellow Card will be one of the first TBD partners to enable global payments and fiat on-ramps for end consumers to send USD or Bitcoin and receive payments in local fiat currencies. TBD provides APIs and developer services that make it easy for application developers to add features that allow these transactions to occur in real time for their end consumers. The partnership is part of Block’s vision to develop global on-ramps and off-ramps, with the goal of enabling widespread adoption of Bitcoin in commercial and financial applications at scale.
“We are delighted to be working with TBD and the Block team on tbDEX and their global payments initiatives,” said Chris Maurice, Yellow Card’s CEO and co-founder. “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.”
“We are focused on furthering Block’s purpose of economic empowerment by breaking down barriers to financial access across the Global South,” said Emily Chiu, TBD co-founder and COO. “For TBD, this starts with driving more affordable cross-border payments and commerce to move us closer to a more efficient and inclusive global economy. Yellow Card’s shared passion and experience across the African continent makes them a partner with whom we are excited to achieve this.”
Wallets, fintech applications or liquidity platforms looking to connect with TBD are encouraged to contact [email protected].
