Alchemy Pay, a leading fiat-crypto payment gateway, has announced a partnership with pan-African fintech company, Yellow Card.
According to Alchemy Pay, the collaboration aims to enhance Alchemy Pay’s on-ramp product by leveraging Yellow Card’s vast payment infrastructure, including bank transfers and mobile money options, to serve the growing demand across several African countries.
Alchemy Pay will be able to provide smoother transactions by utilizing Yellow Card’s widely adopted payment methods across Africa reducing friction for users while offering more favorable fees and improved success rates.
The partnership will make it easier for users in:
- Botswana
- Cameroon
- Rwanda
- South Africa
- Uganda, and
- Zambia
to purchase crypto and access the benefits of decentralized finance through local currencies including:
- Botswana Pula (BWP)
- CFA Franc (XAF)
- Rwandan Franc (RWF)
- south African Rand (ZAR)
- Ugandan Shilling (UGX), and
- Zambian Kwacha (ZMW)
Robert McCracken, Ecosystem Lead at Alchemy Pay, stated:
“Yellow Card has established itself at the cutting edge of digital payments across Africa.
With their support for local payment rails there, Alchemy Pay is able to quickly extend its on-ramp coverage to serve millions of new users in these regions.”
Since its launch in Nigeria in 2019, Yellow Card has established itself as a pioneering force in the industry with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent.
The partnership with AlchemyPay comes off the back of a $33 million equity financing led by Blockchain Capital, with a slew of participants notably Block, Polychain Capital, and Winklevoss Capital.
FUNDING | Leading African Stablecoin On/Off Ramp, Yellow Card, Closes $33M Series C Funding
The round, led by Blockchain Capital, brings Yellow Card to $85 million in completed equity financings up to date.https://t.co/1DQTruhGyO @yellowcard_app pic.twitter.com/1OBP0En3YV
— BitKE (@BitcoinKE) October 17, 2024
The funding round is destined towards the growth of various B2B operations, enhancing Yellow Card’s API and widget products – the gateways for international businesses (including Coinbase and Block) to tap into African markets and for Pan-African companies to easily make international payments and manage their treasury via stablecoins.
“We are excited about this partnership with Alchemy Pay as it reinforces our commitment to accelerating financial growth across the continent.
By leveraging our extensive payment infrastructure, we are opening more doors for seamless access to stablecoins and decentralized finance in Africa, driving innovation and creating new opportunities for millions,” said Gillian Darko, Yellow Card’s Chief of Staff and Director of Strategy.
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