Yellow Card (https://YellowCard.io/), a leading pan-African fintech and cryptocurrency exchange, and Tether, the world’s largest stablecoin provider, are pleased to announce the successful completion of Phase 1 of their strategic collaboration across three key African markets. The two-month collaboration focused on raising awareness, providing education and driving adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana.
Activities included Financial Literacy Tours in universities and a canvassing campaign which involved Yellow Cards Brand Ambassadors engaging with individuals across major cities in the three countries.
Over 10,000 young people were reached – including students drawn from the six universities where the Financial Literacy Tour events were held among them University of Nairobi in Kenya, University of Benin in Nigeria and Kwame Nkrumah University of Science and Technology in Ghana. Those who attended the events received insights into the mechanics of stablecoins, gained a deeper understanding of the blockchain technology and also learned about the importance of responsible financial decision-making. In addition, they each received their first USD₮ (https://usdt.YellowCard.io/) on the Yellow Card platform.
“Our collaboration with Tether has provided us with a remarkable opportunity to witness the profound impact that financial education has on the youth. This collaboration aligns seamlessly with our overarching mission to promote financial freedom for all, which encompasses our other initiatives like the Financial Literacy Tour (https://apo-opa.info/43nIgDq) and the YC Academy. As crypto adoption grows in Africa so does the need for financial education,” said Peter Mureu, Director of Marketing at Yellow Card.
Between 2021 and 2022, cryptocurrency adoption in Africa surged by 1200% (https://apo-opa.info/43txWcI), necessitating a rapid increase in education. Despite the potential for cryptocurrencies to play a vital role in the future, there remains considerable hesitancy among companies and individuals to embrace this emerging currency. This reluctance can be attributed to a widespread lack of awareness and understanding of cryptocurrencies and blockchain technology. The Yellow Card and Tether collaboration aims to play a pivotal role in bridging this knowledge gap.
Stablecoins, such as USD₮, address unique challenges in Africa by offering practical solutions. Given the substantial remittances African countries receive from the diaspora populations working abroad, Tether provides a convenient and cost-effective method for cross-border payments, reducing reliance on traditional channels with high fees and delays. Moreover, USD₮ empowers gig economy workers to receive fast and secure payments instantly across borders, bypassing intermediaries like banks or payment processors.
“We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market,” said Paolo Ardoino, CTO of Tether. “The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.”
Distributed by APO Group on behalf of Yellow Card Financial.
About Yellow Card:
Yellow Card (https://YellowCard.io/) is the largest cryptocurrency exchange on the African continent. Operating across 16 countries, Yellow Card is a financial services company that offers a crypto exchange, easy cross-border payments powered by crypto, and an API suite for companies to on-and-off-ramp anyone on the continent and abroad.
In 2022, Yellow Card announced its Series B fundraise of $40 million, bringing total funds raised to over $50 million — the most capital raised by any African cryptocurrency company.
About Tether:
Tether is the preeminent stablecoin and a pioneer for financial freedom and innovation. Created in October 2014, Tether’s USD₮ stablecoin has grown to become the most traded cryptocurrency, surpassing that of all rival offerings combined. Tether is disrupting the legacy financial system by offering a more modern approach to money. By introducing fiat currency-digital cash to Bitcoin, Ethereum, EOS, Kusama, Liquid, Near, Polkadot, Polygon, Probit, Tron, Tezos, and Algorand blockchains, as well as smart contract platform, Avalanche, Tether makes a significant contribution to a more connected ecosystem. Tether combines digital currency benefits, such as instant global transactions, with traditional currency benefits, such as price stability. With a commitment to transparency and compliance, Tether is a fast and low-cost way to transact with money.
