TBD and the African-focused cryptocurrency exchange platform Yellow Card have recently collaborated to launch a fiat on-ramp and off-ramp that facilitates payments in some 16 African countries via Bitcoin rails. The aim of this arrangement is to make cross-border payments not only more affordable and accessible, but compliant as well.
Hedging Against Inflation With BTC
TBD, a bitcoin developer-focused entity owned by Jack Dorsey’s Block, has joined forces with the crypto exchange platform Yellow Card to create a platform that enables fiat on-ramps and off-ramps and payments in 16 African countries. According to a press release, the intent of this new development is to make cross-border payments more inexpensive and accessible, while also creating compliant pathways for remittances.
As per the April 12 press release, the Africa-focused crypto platform Yellow Card will be one of TBD’s first partners to enable users to send U.S. dollars or BTC and for recipients to receive the local currency equivalent. For people living in countries with hyperinflation, the platform may be used as a location to store BTC or stablecoins.
Commenting on his company’s partnership with TBD, Chris Maurice, the co-founder and CEO of Yellow Card, said:
We’re delighted to work with TBD and the Block team on tbDEX and their global payments initiatives. The international payments space, particularly in Africa, is in desperate need of the innovative solutions we are building together, and this is the realization of the vision behind Block’s initial investment in Yellow Card in 2021.
Emily Chiu, the co-founder and COO of TBD, discussed her organization’s mission of advancing Block’s empowerment via “breaking down the 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 realize its objectives.
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