The African stablecoin on/off ramp, Yellow Card, is set to introduce the stablecoin USDC on the Stellar network. This partnership has the potential to transform global payments and accelerate the adoption of digital assets. Lightning Fast Transfer Speed Yellow Card, a major licensed stablecoin on/off ramp in the African continent, recently announced plans to introduce […]
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Coinbase Partners With Yellow Card to Expand Access to Its Products in 20 African Countries
The leading crypto exchange Coinbase has said it will expand access to its products to 20 African countries. Coinbase also claimed that its partnership arrangement with the Africa-focused crypto exchange Yellow Card can help increase financial freedom in countries where it is lacking.
Increasing Financial Freedom
On Jan. 11, 2024, Coinbase, the U.S. cryptocurrency exchange, announced that it will expand access to its products to 20 African countries. According to a statement by Coinbase, users from the selected African countries will be able to “purchase USDC directly in our [Coinbase] Wallet app starting in February” through its partnership with the Africa-focused stablecoin platform Yellow Card.
As part of the arrangement, Yellow Card users will be able to acquire the stablecoin USDC on the Ethereum layer two (L2) chain Base. Coinbase claims that this arrangement will benefit African users, some of whom reside in inflation-hit countries, by providing them with cheaper payments and faster transfers.
Coinbase also claimed that its partnership arrangement with Yellow Card can help increase financial freedom in countries where it is lacking.
“This partnership with its emphasis on USDC will increase economic freedom in places that have lacked it, and help stand up a modern financial system where one hasn’t existed,” the crypto exchange said.
According to Coinbase, the partnership arrangement can help enhance African users’ economic freedom by making it possible for them to send remittances at fees not exceeding 2%. Currently, many Africans remitting funds to their loved ones pay fees ranging between 3% and 6%. In addition, by providing access to the USDC, the partnership will effectively connect African small and medium enterprises (SMEs) to the global financial system.
Meanwhile, Coinbase described its partnership with Yellow Card as one of its “Go Broad, Go Deep” strategies of compliant international expansion. Besides easing Coinbase’s entry into the so-called low economic freedom markets, the strategy also complements its “close engagement with local payments regulators in more mature markets.”
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Africa-Focused Crypto Exchange Yellow Card Bags Africa’s ‘Disrupter of the Year’ Award
Yellow Card, the Africa-focused crypto exchange, recently won the African financial industry’s 2023 “Disrupter of the Year” award. The crypto exchange’s CEO described the award as a recognition of Yellow Card’s role in “solving important, practical problems across the continent for businesses.”
Award Reserved for Businesses Demonstrating ‘Resilience in Complex Times’
In what has been described as a first for a crypto company in Africa, Yellow Card, the Africa-focused cryptocurrency exchange, was recently awarded the financial industry’s “Disrupter of the Year” award. To win this year’s prize, Yellow Card, which is headquartered in Nigeria, beat investment platforms Bamboo and Ejara, financier Sparkle, and payment platform Moniepoint.
Join us to welcome the newest addition to the Yellow Card team!
We've just bagged the prestigious "AFIS Disrupter of the Year Award!"#AFISAWARDS #DisrupteroftheYear #GoCryptoWithYellowCard pic.twitter.com/5qp9A8QgCv
— Yellow Card App (@yellowcard_app) November 17, 2023
According to the Africa Financial Industry Summit (AFIS), the recognition given to Yellow Card at this year’s event is reserved for “a young company that has demonstrated resilience in these complex times and whose innovation represents a market disruption.” In addition, the award-winning company’s activity should have increased significantly in the year under review.
Chris Maurice, the founder and CEO of the crypto exchange, said the award vindicates his firm’s stablecoin bet.
“This award is further validation that our team is solving important, practical problems across the continent for businesses. We have come a long way for a stablecoin company to win a traditional finance award voted by judges who are all bankers,” Maurice explained.
The five-member panel which adjudicated this year’s award reportedly included the director-general of the Central Bank of Mauritania and the head of innovation at Ecobank. According to a report in The East African, the recognition of Yellow Card by AFIS could be a turning point for the digital assets industry not just in Africa, but globally.
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Yellow Card’s Partnership With Moonpay Set to Enhance Nigerian Users’ Crypto Trading Experience
Yellow Card, the Africa-focused crypto exchange, recently said it had joined forces with Moonpay in an arrangement which is expected to help “enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” According to Uzoma James, Yellow Card’s West Africa regional manager, the partnership is expected to “make crypto trading easy, intuitive, and available to all.”
Transforming Nigeria’s Crypto Accessibility Landscape
The Africa-focused crypto exchange Yellow Card recently said it had established a working arrangement with Moonpay whose objective is to “streamline and enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.” Yellow Card and Moonpay believe the partnership will help transform Nigeria’s cryptocurrency accessibility landscape which in turn would make it more user-friendly.
After the Central Bank of Nigeria (CBN) directed financial institutions to exclude crypto entities from the banking ecosystem, Nigerian users were forced to look for alternative ways of buying or trading cryptocurrencies. Peer-to-peer trading has since emerged as one of the most preferred methods.
In its Sept. 12 press release, Yellow Card said the arrangement will allow Nigerian users “to engage in peer-to-peer crypto transactions with unprecedented ease.” The exchange added that by leveraging local bank transfers, users are able to overcome obstacles which complicate the purchase of cryptocurrencies via banks.
Commenting on the exchange’s latest move, Yellow Card West Africa regional manager, Uzoma James, said:
At the core of our company’s mission is the belief that everyone should have access to the power and potential of cryptocurrencies. By joining forces with Moonpay, we aim to eliminate the barriers that prevent Nigerians from participating in the crypto economy. Together, we can help make crypto trading easy, intuitive, and available to all.
For his part, Ivan Soto-Wright, the co-founder and CEO of Moonpay, claimed that by supporting local bank transfers his firm and Yellow would help to unlock “immense opportunities for crypto users.”
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TBD and Yellow Card to Enable Fiat On and Off-Ramp Payments in 16 African Countries via BTC
TBD and the Africa-focused cryptocurrency exchange platform Yellow Card recently partnered to launch a fiat on and off-ramp that enables payments in some 16 African countries through Bitcoin rails. The objective of this arrangement is to make cross-border payments not only more affordable and accessible, but compliant as well.
Hedging Against Inflation With BTC
TBD, a bitcoin developer-focused entity owned by Jack Dorsey’s Block, has joined hands with the crypto exchange platform Yellow Card to launch a platform that enables fiat on and off-ramps and payments in 16 African countries. According to a press release, the objective of this new development is to make cross-border payments more affordable and accessible, as well as to create compliant channels for remittances.
As per the April 12 press release, the Africa-focused crypto platform Yellow Card will be one of TBD’s first partners to make it possible for users to send U.S. dollars or BTC and for recipients to get the local currency equivalent. For recipients living in countries with hyperinflation, the platform can be used as a place to store BTC or stablecoins.
Commenting on his company’s partnership with TBD, Chris Maurice, the co-founder and CEO of Yellow Card, said:
We’re thrilled to work with TBD and the Block team on tbDEX and their global payments initiatives. The international payments space, especially in Africa, is in dire need of the innovative solutions we are building together, and this is the culmination of the vision behind Block’s initial investment in Yellow Card in 2021.
Emily Chiu, the co-founder and COO of TBD, spoke of her organization’s mission of advancing Block’s empowerment via “breaking down the barriers to financial access across the Global South.” Chiu added that Yellow Card’s focus on Africa makes it the ideal partner to help TBD achieve its objectives.
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What We Know About Yellow Vests Bank Run and How Crypto Could Help It
n French grassroots political movement Yellow Vests is fighting financial institutions via a bank run and crypto could helpn
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Parisian Artist: $1,000 Bitcoin Yellow Vest Puzzle Solved
Although France’s Yellow Vest movement isn’t directly tied to Bitcoin, cryptocurrency, and blockchain technologies, the two revolutions (of sorts) have quickly joined hands.
Crypto Enthusiast Solves Paris Bitcoin Puzzle
On January 6th, Pascal Boyart, a pro-crypto Parisian artist and muralist took to Twitter that he or she painted a puzzle, which depicted contemporary revolutionaries clad in Yellow Vests and a woman with the French colors in hand. Although the mural seemed innocuous enough, Pascal explained that he/she, along with pro-Bitcoin venture capitalist Alistair Milne, had hidden a secret private key in the art installment. The private key led to a wallet containing 0.26 BTC, valued at approximately ,000 at the time of deposit.
Now, just one week later, after crypto media touted the mural en-masse, Pascal took to Twitter again to claim that someone solved the puzzle, citing address data from Blockchain’s block explorer. And, just an hour later, Twitter users going by Antoine and Brito responded to Pascal, claiming that they were the ones that solved it.
Antoine wrote that he and his partner in crime were “very happy to win this race,” before subsequently noting that the mural “exposes” the determination that French citizens have had to “triumph over bankers’ lies.” The enthusiast, who is a self-described blockchain technology engineer, didn’t divulge what clues were present but noted. However, Antoine explained he would release his team’s findings in the coming days, quipping to “spread Bitcoin!”
The two detectives walk away with 0.289 BTC, valued at ,025 factoring in Sunday’s sudden market downturn.
Buy Crypto! Gilet Jaunes Embark On “Bank Run”
This little treasure hunt came amid cries that France’s Yellow Vest (Gilet Jaune) movement, focused on curbing an array of policies from Macron’s government, have begun a bank run. Per previous reports from NewsBTC, an activist going by Nicolle Maxime took to social media to rally individuals to withdraw money from centralized financial institutions. In a thirty-three minute video, the French national beckoned his fellow Gilet Jaunes to take more severe action.
While Maxime’s thoughts were scattered, as he covered an array of topics in a rant-esque style, the key takeaway was that during “Act 9” (the ninth week of this movement), individuals participating should embark on a bank run. Maxime explained that this would turn the tide in the Yellow Vests’ favor.
Even though Maxime didn’t mention the French equivalent of “crypto,” many Bitcoin enthusiasts began to run with the “bank run” narrative, claiming that they would be happy to accept Frenchmen into the tight-knit community of decentralists. After hearing of the supposed plans, one Reddit user wrote:
“The French have always been the tip of the spear when it comes to societal change and the humiliation of tyrants.”
This comment was hinting at the commenter’s thought process that Bitcoin could garner adoption in the European powerhouse.And in Anthony Pompliano’s words, it seems as though the virus has already begun to spread.
On Wednesday, Reuters reported that along with cigarettes, cigars, lottery tickets, and other corner store staples, visitors to Paris Tabacs will be able to purchase BTC for their Euros.
This integration, first activated in six stores, is supported and backed by Keplerk, a fintech startup based in the nation. Adil Zakhar, one of the pro-crypto firm’s co-founders, claimed that by February, over 6,500 Tabacs will support purchases for the leading blockchain-based asset (via a voucher system).
Zakhar explained that as many consumers find it “complicated to get BTC online,” an integration into trusted local tobacco shops is better than anonymous, often hard-to-use websites.
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The post Parisian Artist: ,000 Bitcoin Yellow Vest Puzzle Solved appeared first on NewsBTC.
France’s Yellow Vest Bank Run: Could it be Bullish for Bitcoin?
Reports are emerging that the anti-Emmanuel Macron protesters in France, known in English as the Yellow Vests, are planning to stage a bank run this weekend.
Although the changes of such an initiative bringing the government to its knees, as the demonstrators hope, are slim, what may very well be the first ever voluntary bank run in history could still be bullish for the price of Bitcoin.
Could Bitcoin Step in to Save the Wealth of those Impacted by the Yellow Vest Bank Run?
The gilets jaunes, to give the resistance group its correct title, is a group of French demonstrators opposed to President Macron. The movement of largely rural workers originally opposed to proposed tax increase on the price of fuel. The group’s name – the yellow vest in English – is a reference to the high-visibility jackets required by law to be carried in all vehicles in many parts of Europe. These also serve as a uniform for the movement. In recent weeks, the Yellow Vests have managed to obstruct transport all over France causing the nation to grind to halt frequently.
The protests have been ongoing since November last year. The latest escalation of the protest against Macron is a proposed bank run on January 12 at the start of the working day. According to local news outlet Capital, the idea was first proposed on social media by Yellow Vest sympathiser Tahz San. He posted:
“For Act 9, we will scare the state legally and without violence. (…) We all know that the powers of the country are not in the hands of the government but in those of the banks. If the banks weaken, the state weakens immediately. (…) Saturday we will all vote by withdrawing our money to impose the RIC (Referendum citizen initiative) urgently. The operation is scheduled for Saturday, January 12 at 8 am It will be reproduced the following month in case of failure.”
Following the spread of the idea around social media, one of the most prominent media figures of the group reportedly picked it up. Maxime “Fly Rider” Nicolle began promoting the initiative to thousands more followers yesterday.
It is interesting to see a “Tax Collectors’ Referendum”, as the event is being now being billed, being used attempted as a check on the power of government. One Twitter user has used stated this could serve as an ideal opportunity for Bitcoin to prove itself as a stateless store-of-value in the aftermath of a bank run leading to a widespread banking crisis in France.
Reports are saying that Yellow Vest Protestors in France which is 70% of the population is planning to withdraw all of their money from banks to destabilize the gov.
It will be nearly 46 million people directly revolting against the banking system.#YellowVests #France #BTC pic.twitter.com/WQfmiywwYF
— Suprateek Bose (@SupraBo_) January 8, 2019
Unfortunately, it seems that the figures in the above Tweet are grossly overstated. There is nothing to indicate that 70% of the population identifies with the Yellow Vest movement. The report in Capital estimates that 126,000 people marched in support of the Yellow Vest movement last month. According to the publications calculations, even if all these people participated, it is unlikely that they would have the financial clout to put the banks at risk.
The head of macroeconomic research at Saxo Bank, Judge Christopher Dembik, stated of the movement’s latest economic offensive:
“Triggering a bank run requires huge queues at the counters, very honestly I think the strike force of yellow vests is too weak to destabilise the sector even at the margin.”
A Failed Bank Run Could Still be Bullish for Bitcoin
Although experts seem to be in agreement that the likelihood of a French banking collapse this weekend is very low, it would be foolish to discount the fear that such an action instils in those not even aligned with the Yellow Vests. If enough of the moderate French population perceive enough risk posed by the bank run, they could preempt the proposed action and empty their accounts before Saturday morning, dramatically increasing the chances of the Yellow Vest initiative being successful.
However, even if a bank-toppling bank run does not force the French to buy Bitcoin en masse from their local tobacco shop, the threat of such an action could serve similar ends.
Banks have easy and effective ways to limit the impact of surges in demand for money from them. The simplest one is to impose withdrawal limits on accounts. If the fear of Saturday’s action causes a bank to impose a knee-jerk withdrawal limit to stop themselves being forced to reveal their empty coffers, those impacted may start to see the worth of an asset class that is entirely permissionless, trustless, and most importantly for the French Yellow Shirts, nothing to do with their national government. The imposition of such freedom-restricting policies in a Western economy serve to show even greater numbers of people the utility of Bitcoin.
Related Reading: Crypto Economist Claims Bitcoin is the “Medicine You Need”
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The post France’s Yellow Vest Bank Run: Could it be Bullish for Bitcoin? appeared first on NewsBTC.
IBM, Hacera Create Distributed ‘Yellow Pages’ for Blockchain Networks
IBM has partnered to launch a yellow-pages-like directory allowing interested firms to look up and contact different projects in the blockchain space.
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IBM Joins Decentralized Yellow Pages for Blockchain Projects
n IBM has become a founding member in a decentralized registry for blockchain projectsn
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