Block, the publicly traded company behind popular payment apps Cash App and Square, announced on Wednesday a partnership with Yellow Card, one of the largest crypto exchanges in Africa, to facilitate cross-border payments between 16 countries in Africa, including Nigeria, Ghana, and South Africa.
In March, Yellow Card and Block’s TBD, an offshoot of the payments giant that specializes in developing software for crypto and Web3 projects, tested their cross-border payment infrastructure to send money between the U.S., Ghana, Nigeria, and Kenya. The system leverages stablecoins and Bitcoin to decrease the fees needed to send money across borders, TBD says.
