Summary
- Visa announced that it will collaborate with the African virtual asset exchange Yellow Card to launch a cross-border payment service based on stablecoins.
- Both companies stated they aim to improve Africa's financial accessibility and expand the payment ecosystem through fast and inexpensive blockchain-based payment solutions.
- CEO Maurice mentioned that market interest in stablecoins is very high, and global payment companies are also considering entering this area.
Visa is partnering with the African virtual asset (cryptocurrency) exchange Yellow Card to launch a stablecoin-based cross-border payment business. The strategy is to leverage blockchain-based fast and inexpensive payment methods to increase financial accessibility in Africa.
According to Bloomberg on the 19th (local time), Chris Maurice, co-founder and CEO of Yellow Card, said, "Together with Visa, we will streamline cross-border payments, strengthen liquidity management, and improve overall financial operational efficiency. This partnership with Visa, which collaborates with almost every bank worldwide, will open opportunities to encompass traditional financial institutions as well."
Yellow Card, established in 2016, is an Africa-based virtual asset exchange that aims to expand the stablecoin payment ecosystem in Africa through this partnership with Visa. The two companies plan to start a pilot payment in at least one country this year and gradually expand it.
CEO Maurice added, "Market interest in stablecoins is very high, and all major global payment companies are considering entering this area."
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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