Yellow Card taps Fireblocks to improve cross-border payments in Africa

By Gloria Methri

Africa’s Yellow Card is integrating digital asset infrastructure provider Fireblocks to improve cross-border transactions for both businesses and individuals. By utilizing Fireblocks, Yellow Card seeks 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.

“We are excited to work with Fireblocks to enable real-world use cases for stablecoins, solving the complex challenges of international and pan-African transactions,” said Chris Maurice, CEO and co-founder of Yellow Card. “Together, we enhance how businesses around the world manage their treasury, make payments, and drive innovation across Africa.”

Fireblocks is an easy-to-use platform for creating new blockchain-based products and managing day-to-day digital asset operations. It has secured the transfer of over $6 trillion in digital assets. Together, 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.

“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 (https://apo-opa.co/4dtthwI) worth of remittances flowing into the continent. However, cross-border payments are still burdened by high costs, with low-value cross-border payments incurring steep fees,” said Ran Goldi, SVP Payments and Network at Fireblocks. “We are delighted to be working with Yellow Card to provide our direct custody wallets-as-a-service (WaaS), allowing them to secure their customers’ digital assets at scale.”

Yellow Card, with a presence in 20 African countries, is at the forefront of assisting organizations 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.