Nigerian crypto startup Yellow Card launches funds service
Nigerian cryptocurrency startup Yellow Card has launched a brand new service referred to as Yellow Pay, which makes cash transfers simpler but in addition goals to open up the continent to extra funding, entry to credit score, and enterprise grants.
Shaped in 2018 and launched in Nigeria in 2019, Yellow Card makes it straightforward for anybody, anyplace in Africa, to purchase cryptocurrencies like Bitcoin, Ethereum and USDT Stablecoin utilizing money, cellular cash, card, or financial institution switch. The corporate claims to be “constructing a brand new monetary infrastructure for the African continent”.
Disrupt Africa reported final 12 months the startup had raised US$15 million in Sequence A funding to ramp up hiring and proceed its growth throughout the continent, and in Might it made Ivory Coast its sixteenth market.
Yellow Card has now launched cost characteristic Yellow Pay, which makes it simpler for clients to ship and obtain cash by means of the Yellow Card crypto alternate platform, with none further prices, immediately all from the consolation of their dwelling.
Oparinde Babatunde, Yellow Card director of operations, mentioned one of many largest challenges in Africa is the issue in cash switch.
“Yellow Pay simplifies cash switch between African international locations by constructing an answer that understands the way in which Africans already work together with monetary merchandise. We’ve managed to simplify it additional by decreasing prices and ready time of remittance throughout the continent drastically in comparison with conventional cash switch rails. With Yellow Pay, Africans can ship cash throughout borders utilizing their telephones,” he mentioned.
“The individuals that can profit from Yellow Pay probably the most are the unbanked and underserved individuals residing in peri-urban areas and rural elements of the continent. They often don’t meet the mandatory necessities to open a greenback account with banks and as such are minimize off fully. Yellow Pay will service this market.”