In a significant move to bolster cryptocurrency accessibility across Africa, Yellow Card, a leading cryptocurrency exchange, has announced a partnership with Alchemy Pay, a global fiat-crypto payment gateway. This alliance aims to simplify the process for Africans to engage with cryptocurrencies using familiar payment methods, including mobile money and bank transfers.
With this partnership, individuals in South Africa, Rwanda, Uganda, and several other nations will find it easier to purchase cryptocurrencies using their local currencies. By leveraging Yellow Card's robust payment infrastructure, which processes over $3 billion in transactions annually, the collaboration seeks to empower African users with a seamless entry point into the cryptocurrency market.
Earlier this month, Alchemy Pay expanded its Virtual Card service by integrating Samsung Pay, enhancing the ability for users to send and receive cryptocurrency payments globally. This integration adds to its already diverse payment options, which include Google Pay, making cryptocurrency transactions more convenient for users both in-store and online.
Alchemy Pay’s primary offering, known as the “on-ramp” product, allows consumers to convert fiat currency into cryptocurrency easily. The partnership with Yellow Card will enhance this service, providing a wider array of local payment options that cater specifically to the African market.
The collaboration between Alchemy Pay and Yellow Card not only simplifies the purchasing process for cryptocurrencies but also opens up new avenues for decentralized finance (DeFi) participation among African consumers. This initiative has the potential to create millions of new financial opportunities, driving innovation and financial inclusion across the continent.
Gillian Darko, Chief of Staff and Director of Strategy at Yellow Card, expressed her enthusiasm for the partnership: “We are opening more doors for seamless access to stablecoins and decentralized finance in Africa, driving innovation and creating new opportunities for millions.”
In addition to this partnership, Alchemy Pay has also expanded its offerings in June by integrating with Scroll, a Layer-2 Ethereum scaling solution. This development allows users to access Tether and USD currency on Alchemy Pay’s platform, which spans 173 countries and supports over 50 fiat currencies.
As the landscape of cryptocurrency continues to evolve, partnerships like that of Yellow Card and Alchemy Pay play a crucial role in enhancing access and driving adoption across Africa, paving the way for a more inclusive financial future.
October 2024, Cryptoniteuae