November 20, 2024 – Johannesburg, South Africa — Yellow Card, a prominent provider of stablecoin-based infrastructure in Africa, has received a Crypto Asset Service Provider (CASP) license from the Financial Sector Conduct Authority (FSCA) in South Africa. The license reinforces Yellow Card’s commitment to regulatory compliance and its efforts to expand access to secure cryptocurrency solutions across the continent.

Chris Maurice, co-founder and CEO of Yellow Card, emphasized the importance of the milestone, stating, “The CASP license 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.”

Stablecoin Adoption Surges Across Africa

Stablecoins are witnessing rapid adoption in Africa, with sub-Saharan Africa recording the world’s highest adoption rate at 9.2%. In South Africa, the number of crypto asset users has reached an estimated 5.8 million. Since October 2023, stablecoins have experienced a 50% month-over-month growth, surpassing Bitcoin as the country’s most popular cryptocurrency.

Yellow Card, which launched its operations in South Africa in 2020, has facilitated over $3 billion in transactions to date. The company operates in 20 countries across Africa and aims to further enhance its impact by expanding its business-to-business (B2B) offerings. Recent initiatives include upgrades to stablecoin rails, infrastructure improvements, and advancements to its B2B API and Widget.

Strong Investor Backing and Future Plans

Yellow Card recently raised $33 million in a Series C financing round led by Blockchain Capital. Other participating investors included Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. The funding will be used to scale Yellow Card’s offerings, empowering businesses with enhanced tools for liquidity management and operational efficiency.

For more information, visit Yellow Card’s website.

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