Crypto gateway opens doors to African markets | The Guardian Nigeria News
•Yellow Card secures $40 million Series B funding, gives away one bitcoin
A pan-African cryptocurrency exchange, Yellow Card, has announced the launch of its new Payments API. The new product will enable businesses to on- and off-ramp customers through Yellow Card’s crypto rails.
As the largest cryptocurrency exchange on the continent, Yellow Card gives businesses immediate access to collection and payout rails in 16 African countries, as well as the ability to offer their customers local payment methods through mobile money and local bank transfer.
The Payments API enables businesses to collect and disburse local fiat currency through mobile money and bank transfer, while Yellow Card handles the financial management and conversion of local fiat to/from Stablecoins such as USDT and USDC.
The platform explained that the automated conversion to Stablecoins protects businesses from the volatility of African currencies. The product is perfect for crypto and other global companies looking to break into Africa, money transfer companies looking to take advantage of crypto rails and FinTechs needing help with financial management, the firm claimed.
Yellow Card CEO Chris Maurice said: “Our Payments API is a game changer for businesses looking to expand across Africa. With one API, you can outsource financial management, collections and payments across 16 African nations. We are delighted to see the impact this product will have on businesses looking to expand their reach into various African markets.”
Understanding the importance of pricing in African markets, Yellow Card offers competitive exchange rates in all countries through API as well as industry-low fees for using our rails.
Yellow Card’s compliance with relevant regulations enables other businesses to seamlessly expand into new African countries, fosters customer confidence and strengthens their overall reputation.
The company revealed that after raising the largest Series A round of any African crypto company in 2021, the exchange secured a $40 million Series B funding round in September 2022, bringing the total fund raised to $57 million.
The firm also announced the winner of its ‘A Whole in Your Wallet’ global campaign. The lucky winner, Julian Oti, a young Nigerian, has been awarded a Bitcoin, exchanging for $30,200 at press time.
The campaign, which ran from February to April 2023, aimed to give Yellow Card users a soft landing after a rollercoaster 2022 and a prolonged bear market lasting until this year. It also sought to empower cryptocurrency enthusiasts and facilitate their journey to financial freedom through smart trading choices and money movements.
The campaign encouraged users to make $10 worth of transactions daily on the exchange for a chance to win the grand prize of one Bitcoin at the end of the campaign or $250 worth of cryptocurrency every week. The winner was selected via a transparent draw, witnessed and audited by an independent legal partner, Legalese, on 4 April 2023.
