Yellow card financial now allows customers across Africa to send and receive cryptocurrency.
From the company Pay Yellowwhich was previously only available in Nigeria, uses the yellow card cryptocurrency exchange platform to transact clients in USDT, according to a Monday, January 9, press release.
“It’s more than just a money transfer service – it’s a powerful tool that will unlock new opportunities for people across Africa”, CEO and Co-Founder of Yellow Card Chris Maurice said in the press release. “By enabling instant and low-cost cross-border transactions, we are helping to create a more connected and vibrant Africa.
Three African countries feature in the top 30 of Chainalysis’ Global Crypto Adoption Index, with Kenya, Nigeria and South Africa ranked #9, #11 and #30 respectively.
Yellow Pay allows customers to send and receive money instantly through the Yellow Card crypto exchange platform with just a few taps on their phone, according to the company’s press release released on Monday.
To send money, users need the recipient’s phone number. To receive and withdraw the funds, they must register with Yellow Pay, the statement said.
Transfers within the same country are free, depending on the version.
“This new product feature not only makes it easy for family members to support each other across Africa, but it also opens up the continent to more investment, access to credit, business grants and will generally improve the ease of doing business,” Maurice said in the statement.
Yellow Pay’s expansion comes about four months after Yellow Card raised $40 million in a Series B round funding cycle and said it would use the new capital to fuel growth, develop new products and advance its strategic partnerships across Africa.
“Over the past three years, our team has worked tirelessly to make this technology accessible to everyone and create a world-class product,” Maurice said at the time. “This fundraising in this market not only shows the resilience of our team, but also reiterates the appetite and need for cryptocurrency in Africa.”
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