Yellow Card Makes History In Africa: Launches PayPal USD (PYUSD) For Crypto Access

PYUSD’s integration on the Yellow Card platform streamlines fund transfers to and from the US.

By Anna B Kiwanuka

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Yellow Card, a leading fintech company in Africa, has achieved a significant milestone by becoming the first in the region to introduce PayPal USD (PYUSD), marking a pivotal moment in the continent’s evolving crypto landscape.

Africa has witnessed a remarkable surge in crypto adoption, with the market experiencing exponential growth of over 1200% between 2020 and 2021, reaching a staggering $106 billion, as reported by Chainalysis. Notably, Nigeria, Morocco, and Kenya have secured spots in the global top 20 for crypto adoption. This surge owes much to stablecoins, which have garnered favor among both novice and experienced traders due to their user-friendly nature and enhanced stability.

Yellow Card has emerged as the fastest-growing cryptocurrency enterprise in Africa, spanning operations across 20 countries. Its exponential growth demonstrates a steadfast trajectory, solidifying Africa as a prime market for rapid crypto expansion.

The launch of PYUSD in the US market has created ripples within the industry. PYUSD stands as a fully-backed USD stablecoin, boasting reserves entirely secured by US dollar deposits, US treasuries, and cash equivalents. Crucially, PYUSD and its reserves adhere to stringent regulatory oversight by the New York State Department of Financial Services, ensuring the highest standards of consumer protection.

Chris Maurice, CEO and Co-Founder of Yellow Card underscored the significance of this partnership, aligning it with the core values of the company: innovation, financial inclusion, and progress.

“This milestone embodies Yellow Card’s unwavering commitment to innovation and financial inclusivity. Integrating PYUSD into our platform isn’t solely a business accomplishment; it embodies our mission to democratize access to digital currencies across Africa,” said Maurice.

PYUSD’s integration on the Yellow Card platform streamlines fund transfers to and from the US. This seamless integration empowers PayPal and Venmo users in the US to accept PYUSD and easily exchange it for the dollar, eliminating lengthy processes while ensuring security, stability, speed, and cost-effectiveness.

Moreover, this collaboration opens up new global trading opportunities for African-based customers. They can effortlessly buy, sell, and transfer PYUSD on the Yellow Card platform sans the necessity of a PayPal account.

This partnership champions financial inclusion, education, and the convergence of traditional and digital financial systems in Africa, aligning with a shared vision. Undoubtedly, this alliance will empower individuals and businesses across the continent, enabling more effective participation in the global economy.

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