 licence by the Financial Sector Conduct Authority (FSCA) in South Africa. ){kind=link}
Yellow Card, Africa’s stablecoin-based infrastructure provider, has been granted a Crypto Asset Service Provider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
With this licensing and the recent funding, the company aims to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget. These efforts will empower businesses with seamless solutions for liquidity management and their general operations.
Commenting on the FSCA’s decision to issue the licence to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent. This achievement reflects our dedication to providing secure, compliant, and transformative solutions for our customers both in South Africa and across Africa.
In 2019 Yellow Card launched in Nigeria with a mission to provide basic financial services for all. However, it has now expanded to 20 African countries establishing itself as a force in the industry, with US$3 billion in transactions facilitated across the continent. The company recently completed a US$33 million Series C financing, led by Blockchain Capital and existing investors, including Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Square/Cash App), reflecting strong investor confidence in its mission.
Yellow Card’s API and widget products are gateways for international businesses (including Coinbase and Block) to tap into African markets. They also help Pan-African companies to easily make international payments and manage their treasury via stablecoins. Additionally, Yellow Card is developing innovative new products for the continent, strengthening its team and systems, and continuing to lead engagement with regulators across the continent.
Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2%. In South Africa alone, where the number of total users of crypto assets is estimated to amount to 5.8 million people, stablecoins have experienced growth of 50% month over month since October 2023, displacing bitcoin as the country’s most popular cryptocurrency. Yellow Card is excited to play a pivotal role in this financial revolution in South Africa.
As the stablecoin landscape continues to evolve, Yellow Card is committed to leading the charge in making digital assets accessible and secure for businesses across Africa.