Block’s TBD, a Bitcoin-focused development platform, recently announced a partnership with Yellow Card in order to enable global payments and fiat on- and off-ramps in 16 African countries via Bitcoin rails. This is set to make cross-border payments and liquidity exchanges far more accessible and affordable for consumers and businesses, who can benefit from compliant cross-border allocations within a few moments.

TBD and Yellow Card performed a successful PoC in March 2023 which resulted in the successful enabling of payment rails from the U.S. to Ghana, Nigeria, and Kenya with the money being received in local fiat currency in a short period of time. Senders can initiate remittances in USD, while receivers can choose to receive their funds either in bank accounts or in M-PESA, and MTN mobile money wallets. On the other hand, recipients of remittances or payments can also opt to hold their value in Bitcoin or USD stablecoins; this becomes particularly valuable when receivers live in regions impacted by local currency volatility or hyperinflation.

To expand USD or Bitcoin-based payments, and crypto-based liquidity exchanges, TBD will be collaborating with Yellow Card as one of its first launch partners for Web5 protocol and tbDEX liquidity network. This will allow even more reliable and efficient cross-border payments, as well as easier access to fiat off-ramps. Through this collaboration, wallets, fintech applications or liquidity platforms will be able to establish connections with TBD and partake in this new system.

The goals of this partnership stem from Block's desire to make Bitcoin more commonly used commercially with more viable global on- and off-ramps as well as facilitate economic empowerment for individuals. For example, for those who are unable to use traditional payment methods, TBD and Yellow Card are introducing a new wave of trustless exchanges and transactions with added security, innovation and transparency that could help give more privilege to the financially excluded.

Emily Chiu from TBD spoke about the social implications that this exciting partnership has, “For TBD, this starts with driving more affordable cross-border payments and commerce to bring us closer to a more efficient and inclusive global economy. Yellow Card’s shared passion and expertise across the African continent make them a partner we’re excited to accomplish this with.”

These new capabilities should have a huge impact on the African continent and other markets in the global south. Fees of almost 10% that used to take several days to clear are set to be significantly reduced and processed in an easier manner thanks to the partnership. Those who are interested in participating in this project can contact TBD directly at partnerships@tbd.email.



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