Yellow Card (www.YellowCard.io), Africa’s main stablecoin-based infrastructure supplier, has been issued a Crypto Asset Service Supplier (CASP) licence by the Monetary Sector Conduct Authority (FSCA) in South Africa.
Commenting on the FSCA’s resolution to concern the licence to Yellow Card Monetary South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, stated, “The CASP licence underscores Yellow Card’s dedication to its clients in South Africa and regulatory compliance throughout the continent.This achievement displays our dedication to offering safe, compliant and transformative options for our clients each in South Africa and throughout Africa.
Stablecoin adoption is surging all through Africa, with sub-Saharan Africa having the best adoption fee on the planet at 9.2%. In South Africa alone, the place the variety of whole customers of crypto belongings is estimated to quantity to five.8 million folks, stablecoins have skilled progress of fifty% month over month since October 2023, displacing bitcoin because the nation’s hottest cryptocurrency. Yellow Card is worked up to play a pivotal function on this monetary revolution in South Africa.
Yellow Card, which launched in South Africa in 2020, has facilitated over US$3 billion in transactions within the final a number of years and now operates in 20 international locations throughout the continent. The corporate lately accomplished a US$33 million Collection C financing, led by Blockchain Capital and present buyers, together with Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Sq./Money App), reflecting robust investor confidence in its mission.
Because the stablecoin panorama continues to evolve, Yellow Card is dedicated to main the cost in making digital belongings accessible and safe for companies throughout Africa. With the current licensing and funding, the corporate plans to increase its B2B choices by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget. These efforts will empower companies with seamless options for liquidity administration and their common operations.
To be taught extra about Yellow Card, go to: https://YellowCard.io/.
Distributed by APO Group on behalf of Yellow Card Monetary.