Yellow Card Becomes The First Fintech in Africa to Launch PayPal USD
Nigerian fastest-growing cryptocurrency company Yellow Card, has reportedly become the first Fintech startup in Africa to launch PayPal YSD (PYUSD).
This new stablecoin from PayPal, issued by Paxos will open new horizons for digital financial transactions between Africa and the United States.
Commenting on this significant milestone, the CEO and co-founder of Yellow Card, Chris Maurice said,
“This moment is a testament to the relentless pursuit of innovation and financial inclusion that Yellow Card stands for. Launching PYUSD on our platform is not just a business achievement, it is a commitment to our mission of making digital currencies accessible to everyone in Africa”.
PYUSD’s availability on Yellow Card means customers can smoothly transfer funds to and from the US. This is because PayPal and Venmo users in the US can accept PYUSD and exchange for the dollar.
Essentially, it removes longer processes while providing security, stability, and speed while still being cost-effective and less expensive.
The collaboration also introduces newfound global trading opportunities and access for customers based in Africa as customers can seamlessly buy, sell, and transfer PYUSD on the Yellow Card platform without the need for a PayPal account.
Promoting financial inclusion, and education and bridging the gap between traditional and digital financial systems in Africa is a fundamental component of Yellow card shared vision. This partnership will no doubt empower individuals and businesses across the continent, allowing them to participate in the global economy more effectively.
Founded in 2016 by Chris and Justin, Yellow Card is a fintech company on the African continent. Operating across 20 countries, Yellow Card offers a crypto exchange, easy cross-border payments powered by crypto, and an API suite for companies to on-and-off-ramp anyone on the continent and abroad. The company now has over 220 employees across Africa.
The fintech is also backed by some of the most influential and prominent venture capital firms in the fintech industry, which includes Polychain Capital, Coinbase Ventures, Third Prime Ventures, Valar Ventures, and Twitter founder Jack Dorsey’s Block (formerly Square).
