By Adedapo Adesanya
Digital financial technology company, Yellow Card, has onboarded an integrating digital asset infrastructure provider, Fireblocks, to improve cross-border transactions for businesses and individuals.
The move will see Yellow Card utilise Fireblocks to remove obstacles for global corporate treasury in accessing African markets by offering secure and effective on-chain solutions.
This includes leveraging Fireblocks’ Wallets-as-a-Service (WaaS) which enables Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale and safeguard customer assets.
Fireblocks creates new blockchain-based products and manage day-to-day digital asset operations and according to a statement has secured the transfer of over $6 trillion in digital assets.
Banking on this partnership, Yellow Card and Fireblocks will tackle the complex challenges faced by multinational corporate treasuries such as regulatory compliance, currency volatility, and inefficient legacy banking systems.
Speaking on the development, Mr said Chris Maurice, CEO and co-founder of Yellow Card said, “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.”
Adding his input, Mr Ran Goldi, SVP of Payments and Network at Fireblocks said the company is delighted to work with Yellow Card to provide direct custody WaaS, allowing them to secure their customers’ digital assets at scale.
“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 $100 billion 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,” he added.
Yellow Card, with a presence in 20 African countries, assists organisations in handling foreign exchange (FX) risk through stablecoin transactions.
By utilizing USDT, USDC, and PYUSD, the company helps businesses manage their treasury and related transactions within and beyond the continent.
“This marks a pivotal moment for both companies as they pave the way for more streamlined and secure financial operations across Africa.
With a shared vision of innovation and excellence, Yellow Card and Fireblocks have a common goal of transforming cross-border transactions by introducing new benefits to businesses and the economy through innovation and excellence,” the statement added.
