Yellow Card and TBD have formed a partnership to facilitate the seamless conversion and withdrawal of fiat currencies in Africa, specifically when conducting transactions with Bitcoin and stablecoins.
TBD, a crypto-focused developer platform, has partnered with Yellow Card, a crypto exchange and payments platform, to enable cross-border payments and fiat on- and off-ramps via Bitcoin in 16 African countries. This aims to make cross-border payments and liquidity exchanges more accessible and affordable and provide compliant cross-border payments and fiat off-ramps. The partnership is part of Block’s vision of developing global on- and off-ramps, to enable the mainstream adoption of Bitcoin in commercial and financial applications at scale.
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Yellow Card will be a launch partner for the Web5 protocol and the tbDEX liquidity network, which are initiatives by TBD to establish decentralized identity, trust and transaction protocols that enable a ubiquity of decentralized and trusted exchanges to occur. In March 2023, TBD and Yellow Card conducted a successful proof of concept for payment rails from the U.S. to Ghana, Nigeria and Kenya, in real-time. TBD’s next goal is to enable the mainstream adoption of Bitcoin in commercial and financial applications at scale.
The partnership between TBD and Yellow Card is expected to unlock a network of fiat on- and off-ramps and payments via Bitcoin in 16 African countries, making cross-border payments and liquidity exchanges more accessible and affordable. The partnership will also provide compliant cross-border payments and fiat off-ramps, which can be particularly valuable for recipients living in regions impacted by local currency volatility or hyperinflation. Recipients can opt to hold their value in Bitcoin or USD stablecoins, which can protect them from local currency volatility or hyperinflation.
The Web5 protocol and the tbDEX liquidity network are initiatives by TBD to establish decentralized identity, trust and transaction protocols that enable a ubiquity of decentralized and trusted exchanges to occur. Yellow Card will be one of TBD’s first partners to enable global payments and fiat off-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 app developers to embed functionality that enables these transactions to happen in real time for their end consumers.
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