Today marks a groundbreaking achievement for Africa’s cryptocurrency landscape as Yellow Card becomes the first fintech on the continent to launch PayPal USD (PYUSD).
This stablecoin, issued by Paxos, is set to revolutionize digital financial transactions between Africa and the United States, unlocking new horizons for crypto enthusiasts.
The African crypto market has witnessed a staggering 1200% growth from 2020 to 2021, reaching $106 billion, with Nigeria, Morocco, and Kenya ranking among the top 20 globally for crypto adoption. Stablecoins, known for their user-friendly nature and increased stability, have played a pivotal role in driving this surge.
Yellow Card, the fastest-growing cryptocurrency company in Africa, spanning 20 countries, has positioned itself as a key player in this crypto boom. PYUSD, which debuted in the US market in August, is a fully-backed USD stablecoin subject to stringent regulatory oversight by the New York State Department of Financial Services.
Chris Maurice, CEO, and Co-Founder of Yellow Card, underscores the significance of this partnership, emphasizing the company’s commitment to innovation and financial inclusion.
The integration of PYUSD on the Yellow Card platform facilitates seamless fund transfers between Africa and the US, streamlining processes for users.
This collaboration not only enhances global trading opportunities but also offers unparalleled access to African customers, enabling them to buy, sell, and transfer PYUSD without the need for a PayPal account. The move is seen as a catalyst for financial inclusion, education, and bridging the gap between traditional and digital financial systems in Africa.
Yellow Card’s journey, marked by its vision for accessibility and innovation, is supported by influential venture capital firms such as Polychain Capital, Coinbase Ventures, Third Prime Ventures, Valar Ventures, and Jack Dorsey’s Block. For more details on this milestone and how to get started, visit the Yellow Card website.