Read time: 3 minutes

Chipper Cash joins tbDEX network

By , ITWeb
Africa , 17 May 2024
tbDEX protocol announces inclusion of Chipper Cash into ecosystem.
tbDEX protocol announces inclusion of Chipper Cash into ecosystem.

African Fintech services provider Chipper Cash has integrated with the tbDEX protocol to power cross-border payments and decentralised identity use cases across Africa.

tbDEX is an open messaging protocol that connects liquidity seekers with providers and equips all participants with a common language for facilitating transactions.

The protocol falls under TBD, one of four businesses at global financial services-focused technology firm Block.

Across Africa, the challenges of currency liquidity and access to global financial systems are palpable said Mike Brock, CEO of TBD.

“For these reasons, we are laser focused on building out the tbDEX ecosystem in Africa, which already includes Yellowcard, the largest and only licensed stablecoin on/off ramp on the African continent. Fast on the heels of our tbDEX SDK 1.0 release, adding Chipper Cash to our growing network will help to accelerate our work on global cross border payments and decentralised identity.”

Maijid Moujaled, President and Co-Founder of Chipper Cash, added: “At Chipper Cash, we're excited about the potential of tbDEX to revolutionise remittance flows into Africa. Remittances are a lifeline for many African families, but the costs of sending money to the continent remain among the highest globally. By plugging into an open protocol like tbDEX with numerous network participants, we believe we can, collectively as an industry, drive down these high costs and facilitate remittances in a more efficient, transparent, and compliant manner.”

While the initial collaboration will focus on enabling faster and less expensive consumer remittances, the two companies will also explore ways to empower small businesses.

Chipper Cash will also leverage tbDEX to unlock trusted, compliant transactions with verifiable credentials (VCs) and decentralised identifiers (DIDs) in order to accelerate the onboarding and identity verification of consumers and small businesses.

“Chipper is also excited to collaborate with TBD on the trust frameworks and innovative credential designs that underpin every financial transaction on tbDEX,” Moujaled said. “The idea that we can have a standardised and streamlined way to verify our identity on the internet can help make the world feel a bit more inclusive.”

Daily newsletter