Fireblocks and Yellow Card have partnered to improve cross-border transactions.

Pan-African fintech, Yellow Card, has announced it will partner with digital asset infrastructure provider Fireblocks to improve cross-border transactions.

With a presence in 20 African countries, the fintech company, which assists organisations in handling foreign exchange risk through stablecoin transactions, said the new development will cover both businesses and individuals. 

By utilising Fireblocks, Yellow Card seeks to remove obstacles for global corporate treasury in accessing African markets, courtesy of offering secure and effective on-chain solutions.

This includes using Fireblocks’ Wallets-as-a-Service (WaaS), which enables the financial services tech company to create, manage and secure up to 14 million multi-party computation wallets at scale and safeguard customer assets.

“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,” said Chris Maurice, CEO and co-founder of Yellow Card.

Yellow Card, which was awarded the AFIS Disrupter of the Year Award at the 2023 Africa Financial Industry Summit, in Togo, last year, said Fireblocks is an easy-to-use platform to create new blockchain-based products and manage 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, like 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 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,” said Ran Goldi, SVP payments and network at Fireblocks. “We are delighted to be working with Yellow Card to provide our direct custody WaaS, allowing them to secure their customers’ digital assets at scale.”

By utilising USDT, USDC and PYUSD stablecoins, Yellow Card helps businesses manage their treasury and related transactions within and beyond the continent.

The development marks a pivotal moment for both companies as they pave the way to streamlined and secure financial operations across Africa.

Yellow Card and Fireblocks said their shared common goal is to break barriers to African trade through transforming cross-border transactions.