Africa: Yellow Card and Fireblocks Collaborate to Transform Cross-Border Payments Across Africa

Yellow Card, a leading pan-African fintech company specializing in cryptocurrency and financial services, has announced a strategic partnership with Fireblocks, a digital asset infrastructure provider, to revolutionize cross-border payments across Africa.

This collaboration aims to streamline and secure transactions for businesses and individuals across the continent by leveraging Fireblocks’ cutting-edge technology. The integration will address key challenges faced by global corporate treasuries in accessing African markets, providing efficient and secure on-chain solutions.

A central feature of this partnership is Fireblocks’ Wallets-as-a-Service (WaaS) offering. This service allows Yellow Card to create, manage, and secure up to 14 million multi-party computation (MPC) wallets at scale, ensuring the safety of customer assets. The partnership will also support stablecoin transactions, which play a crucial role in managing foreign exchange risks and facilitating cross-border payments within Africa.

Chris Maurice, CEO and co-founder of Yellow Card, emphasized the importance of this partnership, stating, “We’re thrilled to partner with Fireblocks to enable real-world applications for stablecoins, addressing the complex challenges of international and pan-African transactions.” Through this collaboration, Yellow Card aims to transform how businesses handle treasury operations, execute payments, and foster innovation across the continent.

Fireblocks, recognized for its secure platform for blockchain-based products and digital asset operations, has facilitated the transfer of over $6 trillion in digital assets. This partnership will tackle the significant hurdles faced by multinational corporate treasuries, including regulatory compliance, currency volatility, and the inefficiencies inherent in traditional banking systems.

Ran Goldi, SVP of Payments and Network at Fireblocks, highlighted the transformative potential of this collaboration, noting that Africa is witnessing a shift from traditional payment methods to innovative, technology-driven alternatives. Despite the increase in remittance flows into Africa, cross-border payments remain expensive and inefficient. By joining forces, Yellow Card and Fireblocks seek to introduce streamlined, secure financial operations across Africa, benefiting businesses and the broader economy.

Operating in 20 African countries, Yellow Card is leading efforts to help organizations mitigate foreign exchange risk through stablecoin transactions, utilizing currencies such as USDT, USDC, and PYUSD. This partnership represents a significant leap forward in transforming cross-border payments and enhancing financial operations across Africa.